Paine v. Stewart
Supreme Court of Connecticut
Action against the defendant as a stockholder of the Bank-of St. Paul in the state of Minnesota, to recover the amount of a debt due from the bank, which had become insolvent, by force of the statute of that state, which makes all stockholders of banks organized under the general banking law of the state liable for the debts of the bank, while they are stockholders and for one year thereafter, to double the amount of their stock.
Read the full summary
Action against the defendant as a stockholder of the Bank-of St. Paul in the state of Minnesota, to recover the amount of a debt due from the bank, which had become insolvent, by force of the statute of that state, which makes all stockholders of banks organized under the general banking law of the state liable for the debts of the bank, while they are stockholders and for one year thereafter, to double the amount of their stock. The suit was brought to the superior court for Fairfield county, and tried to the jury upon the general issue, before Dutton, J. The declaration alleged that on the…
1Opinion of the CourtButler, J.
We are all satisfied that the rulings of the court below in this case were correct, and that the verdict should stand.
It appears from the motion to have been conceded or found by the verdict, that the plaintiff purchased from the bank of St. Paul, which was organized under the laws of Minnesota, a draft upon Ketchum & Sons, of the city of New York, which was dishonored, and which if properly executed constituted a valid claim against the bank. By the laws of Minnesota the stockholders of the bank were liable individually for the debts of the bank, to an amount equal to double the amount of…
2Cases cited3 opinions
- Kilgore v. BulkleySupreme Court of Connecticut · 1841
- President of Middletown Bank v. MagillSupreme Court of Connecticut · 1823
- Potter v. President of Yale CollegeSupreme Court of Connecticut · 1830
3Cited by14 opinions
- Diversey v. SmithIllinois Supreme Court · 1882
- Abbey v. W. B. Grimes Dry Goods Co.Supreme Court of Kansas · 1890
- Ferguson v. ShermanCalifornia Supreme Court · 1897
- Whitman v. National BankCourt of Appeals for the Second Circuit · 1897
- Lamson v. HutchingsCourt of Appeals for the Seventh Circuit · 1902
9 more not listed; retrieve them via the Exa API.