Ward v. Johnson
Illinois Supreme Court
Appeal from the Appellate Court for the First District. George Chandler, as trustee for certain certificate holders,, filed his bill in chancery in the circuit court of Cook county, against Samuel D. Ward, receiver of “The Merchants, Farmers and Mechanics’ Savings Bank,” to enjoin him from taking notes, mortgages, and securities, and mingling them with the general assets of the bank.
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Appeal from the Appellate Court for the First District. George Chandler, as trustee for certain certificate holders,, filed his bill in chancery in the circuit court of Cook county, against Samuel D. Ward, receiver of “The Merchants, Farmers and Mechanics’ Savings Bank,” to enjoin him from taking notes, mortgages, and securities, and mingling them with the general assets of the bank. On the 16th of November, 1877, Chandler came into court and resigned his trusteeship, and thereupon Ward was appointed his successor in trust, and, as such trustee, was ordered to keep all the moneys and…
1Opinion of the CourtJustice Scholfield
The principal question arising upon this record is, did “The Merchants, Farmers and Mechanics’ Savings Bank” have power to borrow money and issue “ investment certificates ” therefor, secured by trust deed, as was here done ?
Sections 3, 4, 5 and 6 of the charter of “The Merchants, Farmers and Mechanics’ Savings Bank” are as follows:
“ Sec. 3. The said corporation shall be authorized to receive money from any person or persons who may wish to deposit the same. Married women and minors may, in their own names, deposit money with said corporation, and receive certificates of deposit in their own…
2Cases cited6 opinions
- Railway Co. v. McCarthySupreme Court of the United States · 1878
- Whitney Arms Co. v. . BarlowNew York Court of Appeals · 1875
- Bradley v. BallardIllinois Supreme Court · 1870
- Brahm v. AdkinsIllinois Supreme Court · 1875
- Mechanics & Traders' Bank v. Farmers & Mechanics' National BankNew York Court of Appeals · 1875
1 more not listed; retrieve them via the Exa API.
3Cited by47 opinions
- People Ex Rel. Nelson v. Wiersema State BankIllinois Supreme Court · 1935
- Meadowcroft v. PeopleIllinois Supreme Court · 1896
- City of Marion v. SneedenSupreme Court of the United States · 1934
- Green v. Ashland Sixty-Third State BankIllinois Supreme Court · 1931
- Farmers & Merchants State Bank v. Consolidated School District No. 3Supreme Court of Minnesota · 1928
42 more not listed; retrieve them via the Exa API.