North River Insurance v. Lawrence
New York Supreme Court
This was an action of assumpsit, tried at New-York circuit in February, 1828, before the Hon. Ogden Edwards, one of the circuit judges. The declaration contained a count on a promissory note given by the defendant to the plaintiffs, bearing date the 14th December, 1825, for $3899, payable on demand, with interest, a count on an insimul computassent, and the common money counts. The defendant pleaded the general issue.
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This was an action of assumpsit, tried at New-York circuit in February, 1828, before the Hon. Ogden Edwards, one of the circuit judges. The declaration contained a count on a promissory note given by the defendant to the plaintiffs, bearing date the 14th December, 1825, for $3899, payable on demand, with interest, a count on an insimul computassent, and the common money counts. The defendant pleaded the general issue. The plaintiffs made a loan to the defendant of the sum of $3899, and received from him the note declared on and an hypothecation of stock, viz. 10 shares of the stock of the…
1Opinion of the Court
By the Court,
Savage, Ch. J.
The manner in which this corporation are to manage their monied operations is clearly pointed out. They may loan money upon bond and mortgage, but on no other security. They shall not be concerned in the discounting notes, nor any other banking operations. They may purchase stock for the purpose of investment, but for no other purpose. It has often been decided that a corporation can do no act but such as is expressly authorized or necessarily implied in their act of incorporation. The plaintiffs might loan money upon bond and mortgage, but not on a note. They seem…
2Cited by9 opinions
- Pratt v. . ShortNew York Court of Appeals · 1880
- Scott v. DepeysterNew York Court of Chancery · 1832
- Robotham v. Prudential Insurance Co. of AmericaNew Jersey Court of Chancery · 1903
- Crocker v. . WhitneyNew York Court of Appeals · 1877
- Pennsylvania, Delaware, & Maryland Steam Navigation Co. v. DandridgeCourt of Appeals of Maryland · 1836
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