Leavitt v. . Palmer
New York Court of Appeals
In July, 1838, The North American Trust and Banking Company, an institution organized under the general banking law of that year, was established in the city of New-York. In September, 1841, it had become insolvent, and the appellant, David Leavitt, was appointed receiver of its effects under an order of the chancellor.
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In July, 1838, The North American Trust and Banking Company, an institution organized under the general banking law of that year, was established in the city of New-York. In September, 1841, it had become insolvent, and the appellant, David Leavitt, was appointed receiver of its effects under an order of the chancellor. In April, 1842, he filed the bill in this cause against Richard M. Blatchford and James B. Murray, trustees in the deed of trust hereafter mentioned, and against John Horsley Palmer and others, constituting the firm *f Palmers, Mackillop, Dent & Co. merchants and bankers in…
1Opinion of the CourtBronson, J.
I shall assume, but without intending to express any opinion on the subject, that the purchase of the five thousand shares of the capital stock of the bank, and all the acts of the bank, its offi cers and agents, relating to that transaction, down to the time of executing the trust deed and the accompanying securities, were legal in their nature, and within the legitimate powers of the corporation. The case then, so far as it will come under consideration, and speaking of it from the face of the papers, is shortly this: The bank on the second of March, 1840, gave Thomas E. Davis a letter of…
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