Lawrence v. Greenup
Court of Appeals for the Sixth Circuit
In Error to the Circuit Court of the United States for the Western District of Michigan. This is an action at law by a receiver of the Big Rapids National Bank to recover a dividend paid by said bank, out of capital, to the defendant. John Greenup, who was a stockholder.
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In Error to the Circuit Court of the United States for the Western District of Michigan. This is an action at law by a receiver of the Big Rapids National Bank to recover a dividend paid by said bank, out of capital, to the defendant. John Greenup, who was a stockholder. Upon the conclusion of all the evidence, the court instructed the jury that there could he no recovery at law upon the facts proven; that the remedy of the receiver, if any he had, was hy a bill in equity; and that a verdict should be returned in favor of Greenup. The receiver has sued out this writ of error. The facts, so…
1Opinion of the CourtLurton, Circuit Judge
The claim of the receiver is based upon the theory that a dividend paid out: oí capital stock was wrongfully paid and received, and that the liability to repay such dividend constitutes an asset of the bank, which can be recovered in a suit: at law. It is at the outset well enough to observe that this is not a suit to recover an unpaid stock subscription, as in Sanger v. Upton, 91 U. S. 56-62. In the case referred to there could be no question but that the remedy against the subscriber was at law, for the court observed that “the liability of the plaintiff in error, and the right and title of…
2Cases cited14 opinions
- Hollins v. Brierfield Coal & Iron Co.Supreme Court of the United States · 1893
- Richmond v. IronsSupreme Court of the United States · 1887
- Sanger v. UptonSupreme Court of the United States · 1875
- Graham v. Railroad Co.Supreme Court of the United States · 1880
- McDonald v. WilliamsSupreme Court of the United States · 1899
9 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Ratcliff v. ClendeninCourt of Appeals for the Eighth Circuit · 1916
- Coleman v. HageySupreme Court of Missouri · 1913
- Commissioner of Internal Revenue v. KellerCourt of Appeals for the Seventh Circuit · 1932
- Bartlett v. SmithCourt of Appeals of Maryland · 1932
- Bankers Trust Co. v. Hale & Kilburn CorporationCourt of Appeals for the Second Circuit · 1936
14 more not listed; retrieve them via the Exa API.