Clark v. Tillinghast
Court of Appeals for the Seventh Circuit
In Error to the Circuit Court of- the United States for the Western District of Wisconsin. Action by P. Tillinghast, as receiver of the First National Bank of Ironwood, Mich., against Charles R. Clark. Judgment for plaintiff, and defendant brings error.
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In Error to the Circuit Court of- the United States for the Western District of Wisconsin. Action by P. Tillinghast, as receiver of the First National Bank of Ironwood, Mich., against Charles R. Clark. Judgment for plaintiff, and defendant brings error. Defendant in error, hereinafter termed plaintiff, filed his complaint against plaintiff in error, termed herein defendant, in said court on October 15, 1909, to recover, as such receiver, upon a certain note of defendant, dated October 31, 1908, for the sum of $5,000 and interest. From the record, it appears that the transactions were as…
1Opinion of the CourtKohlsaat, Circuit Judge
(after stating the facts as above). It' does not appear that the Comptroller directed the $20,000 guaranty to' be given in lieu of, or as ,a substitute' for, the notes' taken on salé of the $40,000 bonds, nor does'it appear that the $20,000 'guaranteed' was *80realized on. Manifestly, it would not have been fair or legal to require defendant to take back his note, surrender his bonds, and join the other directors in guaranteeing the payment af $20,000, and at the same time withhold surrender of his note. It appears that the other purchasers of stock received their notes when .they surrendered…
2Cases cited15 opinions
- Drury v. CrossSupreme Court of the United States · 1869
- Haywood v. Lincoln Lumber Co.Wisconsin Supreme Court · 1885
- Pauly v. O'BrienU.S. Circuit Court for the District of Southern California · 1895
- Merchants' Bank v. RudolfNebraska Supreme Court · 1877
- State Bank v. KirkSupreme Court of Pennsylvania · 1907
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3Cited by1 opinion
- Tillinghast v. ClarkCourt of Appeals for the Seventh Circuit · 1912