Mechanics Bank v. Merchants Bank
Massachusetts Supreme Judicial Court
This was an action of trespass upon the case, to recover damages for alleged negligence of the defendants in relation to the collection of a post note.
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This was an action of trespass upon the case, to recover damages for alleged negligence of the defendants in relation to the collection of a post note. At the trial before Wilde, J. there was evidence of the following facts: A post note was issued by the Franklin Bank at Boston, signed by their president and Cashier, dated April 12th 1837, by which the president, directors and company of said bank promised to pay E. D. Harris or bearer $1000 in three months, with interest at the rate of per cent, per annum, until due, and no interest after. In the margin thereof was written, “Due July 12th…
1Opinion of the CourtShaw, C. J.
The principle we believe is now well established, that incorporated banks, being associations of persons authorized by law to borrow and lend money, purchase, sell, and discount bills of exchange and promissory notes, to issue bills, receive deposits, and generally to deal in money and securities, as well for their own profit, as for the accommodation of the mercantile community, are entitled to the same benefits, and subject to the same duties and obligations, as an individual person, so far as they act within the legitimate scope of the objects and purposes for which they are established.…
2Cases cited8 opinions
- Mills v. Bank of United StatesSupreme Court of the United States · 1826
- PRESIDENT AND DIRECTORS OF THE BANK OF WASHINGTON v. Triplett & NealeSupreme Court of the United States · 1828
- Gilbert v. WilliamsMassachusetts Supreme Judicial Court · 1811
- Hammar v. City of CovingtonCourt of Appeals of Kentucky · 1861
- Blanchard v. HilliardMassachusetts Supreme Judicial Court · 1814
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3Cited by1 opinion
- Gilpin v. Columbia National BankAppellate Division of the Supreme Court of the State of New York · 1915