Appleton v. Citizens' Central National Bank
Appellate Division of the Supreme Court of the State of New York
Appeal by the defendant, the Citizens’ Central "National Bank of New York, from an interlocutory judgment of the Supreme Court in favor of the plaintiff, entered in the office of the clerk of the county, of New York on the 14th day of July, 1906,. upon the decision of the court, rendered after a trial at. the New York Special Term, overruling the defendant’s demurrer to the complaint.
1Dissent
Houghton, J. (dissenting):
I agree to the proposition that national banks cannot engage in the business of guaranteeing obligations of third parties, and that stick contracts are ultra vires. I think, however, by.fair intendment and inference, plaintiff’s complaint alleges that the Cooper Exchange Bank loaned $12,000 to Samuels, at theijoint request of himself and this defendant, for the purpose of enabling him- to pay to defendant $10,000 of such amount on an indebtedness owing by him to defendant, which was done as a part of the agreement of guaranty. The ground of demurrer is that the.…
2Cases cited1 opinion
- Bowers v. Ocean Accident & Guarantee Corp.Appellate Division of the Supreme Court of the State of New York · 1906