Saltmarsh v. P. & M. Bank
Supreme Court of Alabama
Writ of Error to the Circuit Court of Mobile. Before the Hon. John Bragg. MotioN, by the plaintiff in error, against the defendant, as indorser of a bill of exchange for $6,000 drawn by Samuel M. Hill, on W. Bower & Co. in favor of Allen W. Coleman, and by him, and the defendant m error, indorsed to the plaintiff.
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Writ of Error to the Circuit Court of Mobile. Before the Hon. John Bragg. MotioN, by the plaintiff in error, against the defendant, as indorser of a bill of exchange for $6,000 drawn by Samuel M. Hill, on W. Bower & Co. in favor of Allen W. Coleman, and by him, and the defendant m error, indorsed to the plaintiff. The defendant pleaded, 1. non assumpsit. 2. That the plaintiff had been deprived of its charter by the judgment of the circuit court of Mobile, upon a writ of quo warranto, and that afterwards by “ discount thereof,” became the purchaser of the bill of exchange, and that the same…
1Opinion of the CourtChilton, J.
The first question we propose to consider is, whether the Merchants & Planters’ Bank of Mobile could lawfully purchase the bill in suit, in the manner averred in the second and third pleas, to which a demurrer was sustained ? This question we regard as one of easy solution.
There is no legal proposition better settled, than that a corporation created by statute, can do no act, nor exercise any powers, except such as are conferred on it by its charter, or such as result by necessary implication, from some power expressly given, to enable it to discharge the functions and effectuate the object…
2Cases cited8 opinions
- Beaty v. Lessee of KnowlerSupreme Court of the United States · 1830
- Wallace v. Branch BankSupreme Court of Alabama · 1840
- Paschall v. WhitsettSupreme Court of Alabama · 1847
- Selma & Tennessee Rail Road v. TiptonSupreme Court of Alabama · 1843
- New York Firemen Insurance v. SturgesNew York Supreme Court · 1824
3 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Nelson v. HubbardSupreme Court of Alabama · 1892
- Capital City Insurance v. QuinnSupreme Court of Alabama · 1883
- Youngblood v. Birmingham Trust & Savings Co.Supreme Court of Alabama · 1891
- McCormick v. FallierSupreme Court of Alabama · 1931
- Higgins v. MansfieldSupreme Court of Alabama · 1878
14 more not listed; retrieve them via the Exa API.