Delano v. Butler
Supreme Court of the United States
ERROR TO THE CIRCUIT COURT OF THE UNITED STATES FOR THE DISTRICT OF MASSACHUSETTS. APPEAL FROM THE CIRCUIT COURT OF THE UNITED STATES' FOR THE DISTRICT OF MASSACHUSETTS.
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ERROR TO THE CIRCUIT COURT OF THE UNITED STATES FOR THE DISTRICT OF MASSACHUSETTS. APPEAL FROM THE CIRCUIT COURT OF THE UNITED STATES' FOR THE DISTRICT OF MASSACHUSETTS. In September, 1881, A held thirty shares of stock in a national bank whose capital was $500,000, with a right to increase it to $1,000,000. In that month the directors voted to increase the capital to $1,000,000, the persons then holding stock to have the right to take new stock at par in equal amounts to that then held by them. A then subscribed for thirty additional shares, paid for it three days íater, and subsequently…
1Opinion of the CourtJustice Matthews
Section 5151 of the Revised Statutes provides' that “ the shareholders of every national banking association shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such association, to the extent of the amount of their stock therein, at the par value thereof, in addition to the amount invested in such shares.”
The object of the action at law brought by the receiver of the Pacific National Bank of Boston, in which judgment was rendered against the defendant, the plaintiff in error, was to enforce his liability under…
2Cases cited1 opinion
- Scovill v. ThayerSupreme Court of the United States · 1882
3Cited by79 opinions
- Pacific National Bank v. EatonSupreme Court of the United States · 1891
- Duke v. ForceWashington Supreme Court · 1922
- Earle v. CarsonSupreme Court of the United States · 1903
- Commissioner of Banks v. Cosmopolitan Trust Co.Massachusetts Supreme Judicial Court · 1925
- Bailey v. TillinghastCourt of Appeals for the Sixth Circuit · 1900
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