Rockwell v. Elkhorn Bank
Wisconsin Supreme Court
APPEAL from tbe Circuit Court for Walworth County. Bockwell sued tbe Elkhorn Bank as tbe maker, and Sibley & Mills as indorsers, of tbe following note: $2,020 00. Elkhorn, August 4, 1857. Seventy-two days after date, for value received, tbe Elk-horn Bank promises to pay to tbe order of Sibley & Mills, two thousand twenty dollars, payable at tbe Elkhorn Bank, with interest, at tbe rate of twelve per cent, per annum. d. d. SpeNCEK, Cashier.
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APPEAL from tbe Circuit Court for Walworth County. Bockwell sued tbe Elkhorn Bank as tbe maker, and Sibley & Mills as indorsers, of tbe following note: $2,020 00. Elkhorn, August 4, 1857. Seventy-two days after date, for value received, tbe Elk-horn Bank promises to pay to tbe order of Sibley & Mills, two thousand twenty dollars, payable at tbe Elkhorn Bank, with interest, at tbe rate of twelve per cent, per annum. d. d. SpeNCEK, Cashier. Tbe evidence tended to show tbat tbe note, which was indorsed by Sibley & Mills before its delivery, was given for a balance due to tbe plaintiff for money…
1Opinion of the Court
By the Court,
DixoN, C. J.
It is a universally accepted principle, that corporations authorized generally to engage in a particular business, have, as an incident to such authority, the power to contract debts in the legitimate transaction of such business, unless they are restrained by their charters, or by statute, from doing so. It is likewise an equally well acknowledged rule, that the right to contract debts carries with it the power to give negotiable notes or bills in payment or security for such debts, unless the corporations are in like manner prohibited. These positions are abundantly…
2Cases cited2 opinions
- Curtis and Others v. . LeavittNew York Court of Appeals · 1857
- Barnes v. . Ontario BankNew York Court of Appeals · 1859
3Cited by12 opinions
- Liebscher v. KrausWisconsin Supreme Court · 1889
- Ballston Spa Bank v. Marine BankWisconsin Supreme Court · 1862
- State v. ShoveWisconsin Supreme Court · 1897
- Houghton v. First National BankWisconsin Supreme Court · 1870
- Armstrong v. Chemical Nat. Bank of New YorkCourt of Appeals for the Sixth Circuit · 1897
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