Mechanics' Bank v. Stone
Michigan Supreme Court
Appeal from Ingham; Person, J. Petition by the Mechanics’ Bank of Detroit against George W. Stone, receiver of the Central Michigan Savings Bank of Lansing, for permission to treat as an equitable set-off against a claim of the receiver certain notes guaranteed by the insolvent bank. From an order denying the prayer of the petition, petitioner appeals.
1Opinion of the CourtHooker, J.
The Mechanics’ Bank of Detroit was, on the 18th day of April, 1893, indebted to the Central Michigan Savings Bank of Lansing in the sum of $4,000 *649and upwards upon account; the former being the Detroit correspondent of the latter. On that day the Central Bank went into the hands of a receiver, being hopelessly insolvent. At that time it was guarantor of the payment of two notes of $5,000 each, renewals of notes of similar character, which it had discounted at the Detroit bank some time before, and for which it had been given credit on account. These notes fell due on April 29th, at which time…
2Cases cited5 opinions
- Fera v. . WickhamNew York Court of Appeals · 1892
- Lockwood v. BeckwithMichigan Supreme Court · 1858
- Gibbons v. HecoxMichigan Supreme Court · 1895
- Tuteur v. Chicago & Northwestern Railway Co.Wisconsin Supreme Court · 1880
- Kinney v. TaborMichigan Supreme Court · 1886
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