Commonwealth v. Reading Savings Bank
Massachusetts Supreme Judicial Court
Upon an application made by the commissioners of savings banks, under the St. of 1866, c. 192, § 5, the Reading Savings Bank had been enjoined from the further continuance of its business, and receivers had been appointed to take possession of its property and effects, for the purpose of settling its affairs.
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Upon an application made by the commissioners of savings banks, under the St. of 1866, c. 192, § 5, the Reading Savings Bank had been enjoined from the further continuance of its business, and receivers had been appointed to take possession of its property and effects, for the purpose of settling its affairs. On February 17, 1882, Arthur W. Austin filed a petition in the case, alleging the following facts : On November 29, 1871, one David F. Weston conveyed in mortgage certain land in Reading to the Reading Savings Bank, by a deed in the usual form of a power of sale mortgage, and containing…
1Opinion of the CourtDevens, J.
In the cases which have heretofore been considered arising out of the frauds of Nathan P. Pratt, the treasurer of the Reading Savings Bank, it has been held that he had no right by virtue of his office and its general powers and duties, or by the authority of any recorded vote of the bank or its trustees, which therein appeared, to sell or transfer the securities of the bank. It has been further held, that there was no duty to third persons imposed upon him, by virtue of his office as treasurer, to state what the condition of a depositor’s account was, so as to enable them safely to take…
2Cases cited17 opinions
- Merchants' Bank v. State BankSupreme Court of the United States · 1871
- New York & New Haven Railroad v. SchuylerNew York Court of Appeals · 1865
- County of Warren v. MarcySupreme Court of the United States · 1878
- San Antonio v. MehaffySupreme Court of the United States · 1878
- Loring v. BrodieMassachusetts Supreme Judicial Court · 1883
12 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Atlantic Cotton Mills v. Indian Orchard MillsMassachusetts Supreme Judicial Court · 1888
- Commissioner of Banks v. Cosmopolitan Trust Co.Massachusetts Supreme Judicial Court · 1925
- Fifth Avenue Bank v. Forty-second Street & Grand Street Ferry RailroadNew York Court of Appeals · 1893
- McCarthy v. Brockton National BankMassachusetts Supreme Judicial Court · 1943
- F.A. Bank v. . F.S.S. G.S.F.R.R. Co.New York Court of Appeals · 1893
14 more not listed; retrieve them via the Exa API.