Beal v. Essex Savings Bank
Court of Appeals for the First Circuit
In Error to the Circuit Court of the United States for the District of Massachusetts. This was an action by Thomas P. Beal, receiver of the Maverick National Bank of Boston, against the Essex Savings Bank, to recover its proportionate amount of an assessment made upon the stockholders of the Maverick Bank by the comptroller of the currency, under Rev. St. § 5151. In the circuit court a judgment was rendered for defendant, and plaintiff brings error.
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In Error to the Circuit Court of the United States for the District of Massachusetts. This was an action by Thomas P. Beal, receiver of the Maverick National Bank of Boston, against the Essex Savings Bank, to recover its proportionate amount of an assessment made upon the stockholders of the Maverick Bank by the comptroller of the currency, under Rev. St. § 5151. In the circuit court a judgment was rendered for defendant, and plaintiff brings error. The stock in respect to which the assessment was made was held prior to April 9, 1884, by Asa P. Potter and Jonas H. French. On that day they…
1Opinion of the Court
PUTNAM, Circuit Judge.
Sections 5139 and 5151 of Revised Statutes, which are relied on by the appellant (complainant below), use throughout the word “shareholder,” and avoid all such general expressions as “holder” or “owner” of stock. A “shareholder” in a corporation is one who has a proportionate interest in its assets, and is entitled to take part in its control and receive its dividends. In all essential particulars, he is distinguishable from a creditor of a shareholder. By the very root of the word, he is entitled to a present share in the assets of the corporation, and receives…
2Cases cited2 opinions
- National Bank v. CaseSupreme Court of the United States · 1879
- Bowden v. JohnsonSupreme Court of the United States · 1883
3Cited by12 opinions
- Continental Securities Co. v. Interborough Rapid Transit Co.U.S. Circuit Court for the District of Southern New York · 1908
- Lucas v. CoeU.S. Circuit Court for the District of Northern New York · 1898
- Heiden v. CreminCourt of Appeals for the Eighth Circuit · 1933
- Andrews v. National Foundry & Pipe Works, Ltd.Court of Appeals for the Seventh Circuit · 1896
- Fowler v. GowingU.S. Circuit Court for the District of Northern New York · 1907
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