Rockingham Ten Cent Savings Bank v. Portsmouth
Supreme Court of New Hampshire
In Equity. This cause having been tried by the court at the October trial term, 1871, the following facts were found: The plaintiffs are a banking corporation, holding all their deposits, funds, and accumulations in trust for depositors.
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In Equity. This cause having been tried by the court at the October trial term, 1871, the following facts were found: The plaintiffs are a banking corporation, holding all their deposits, funds, and accumulations in trust for depositors. By the provisions of their charter, granted July 5,1867, the corporation is declared to be “ capable of receiving and holding such buildings and real estate as shall be necessary and convenient for managing its affairs ; provided such real estate, held at any one time for such purposes, shall not exceed in value, at the time of the purchase or acceptance…
1Opinion of the CourtSargent, J.
The case finds that the plaintiffs are a savings bank, duly incorporated, at Portsmouth, in 1867, having the right by their charter to receive and hold buildings and real estate, such as shall be necessary and convenient for managing their affairs, not exceeding in value, at the time the same is purchased or accepted, the sum of $10,000. In 1869 the bank purchased real estate, at a cost of $6,550, from the *25deposits and accumulations of said bank, and the purchase was deemed by the trustees as a legal, prudent, and economical investment of their funds. The bank soon began to make improvements…
2Cases cited1 opinion
- Brewer v. City of SpringfieldMassachusetts Supreme Judicial Court · 1867
3Cited by4 opinions
- State v. U. S. & Canada Express Co.Supreme Court of New Hampshire · 1880
- Y.M.C.A. v. KeeneSupreme Court of New Hampshire · 1899
- Coleman Bros. v. City of FranklinDistrict Court, D. New Hampshire · 1945
- Brown v. ConcordSupreme Court of New Hampshire · 1876