Gillet v. . Phillips
New York Court of Appeals
The St. Lawrence Bank was organized in 1838, under and by virtue of the general banking law enacted in that year, to carry on the business of banking at Ogdensburgh. In December, 1841, the bank, pursuant to a resolution of its board of directors, stopped ■ specie payments, and never afterwards resumed them, and it was then and ever after-wards insolvent.
Read the full summary
The St. Lawrence Bank was organized in 1838, under and by virtue of the general banking law enacted in that year, to carry on the business of banking at Ogdensburgh. In December, 1841, the bank, pursuant to a resolution of its board of directors, stopped ■ specie payments, and never afterwards resumed them, and it was then and ever after-wards insolvent. In February, 1848, the plaintiff was appointed receiver of the bank, by an order of the court of chanceiy, on the application of the bank commissioners; and in October following, he, as such receiver, filed the bill in this cause in the late…
1Opinion of the CourtGardiner, C. J.
There is no necessity of going beyond the minutes of the bank to ascertain its condition at the time when the transfer of the notes in controversy was made to the defendant. Its insolvency was as plainly written in the books of the institution as though the fact had been there recorded in so many words. It appears that in December, 1841, the bank suspended payment by resolution. On the same day all its effects were transferred to the cashier in trust, to indemnify some or all of its directors for responsibilities by them incurred for the corporation. On the 10th of the following month another…
2Cited by15 opinions
- McCarty v. KepretaNorth Dakota Supreme Court · 1913
- Atkinson v. . Rochester Printing Co.New York Court of Appeals · 1889
- Enterprise Foundry & MacHine Works v. Miners' Elkhorn Coal Co.Court of Appeals of Kentucky (pre-1976) · 1931
- Lake v. LakeAppellate Division of the Supreme Court of the State of New York · 1909
- Proctor v. BaldwinIndiana Supreme Court · 1882
10 more not listed; retrieve them via the Exa API.