National Bank of Xenia v. Stewart
Supreme Court of the United States
Error to the Circuit Court of the United States for the. Southern District of Ohio. The administrators of the estate of Daniel McMillan, deceased, brought an action against the First National Bank of Xenia, Ohio, a corporation formed under the National Bank Act of the United States, to recover the sum of $4,200, with interest.
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Error to the Circuit Court of the United States for the. Southern District of Ohio. The administrators of the estate of Daniel McMillan, deceased, brought an action against the First National Bank of Xenia, Ohio, a corporation formed under the National Bank Act of the United States, to recover the sum of $4,200, with interest. The complaint alleges’that in October,-1876, the bank was in possession of thirty shares of its capital stock belonging to the deceased; that.it then unlawfully converted them to its own use and sold them, receiving therefor the sum mentioned, which it refuses to…
1Opinion of the CourtJustice Field
delivered the opinion of the court.. Section 5201 of the Revised Statutes declares that “ no association shall make any loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith; and stock so purchased or acquired shall, within six months from the time of its purchase, be sold or disposed of at public or private sale; or, in default thereof, a receiver may be appointed to close up the business of the association.”
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2Cited by58 opinions
- Federal Deposit Insurance Corporation, Etc., and v. Santino D. Meo, AndCourt of Appeals for the Ninth Circuit · 1974
- Scott v. DeweeseSupreme Court of the United States · 1901
- Thompson v. Saint Nicholas National BankSupreme Court of the United States · 1892
- Dunlop v. MercerCourt of Appeals for the Eighth Circuit · 1907
- Lantry v. WallaceSupreme Court of the United States · 1901
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