In the Matter of Oliver Lee Co's Bank
New York Court of Appeals
Appeal from a final order made in the Supreme Court, in a proceeding taken pursuant to the act of 1849, to enforce the responsibility of stockholders in certain banking corporations and associations, &c.
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Appeal from a final order made in the Supreme Court, in a proceeding taken pursuant to the act of 1849, to enforce the responsibility of stockholders in certain banking corporations and associations, &c. (Gh. 226.) Oliver Lee & Company’s Bank, at' Buffalo, was organized pursuant to the general banking law of 1888, and commenced the business of banking in January, 1844. 'It stopped payment and became insolvent in September, 1857; and this proceeding was instituted soon afterwards at the instance of one of the stockholders. The association at all times prior to its failure issued bank notes to…
1Opinion of the CourtDemio, J.
The first question to be determined relates to the construction of the constitutional provision imposing personal liability upon the stockholders of banks (Const., art. 8, § 7) ; and the inquiry is whether it is limited to banks thereafter to be created, or applies equally to existing banking corporations. There is nothing in the language which looks to a discrimination between the two classes. It declares, generally, that the stockholders in every corporation and joint-stock association for banking purposes, issuing bank notes, after January 1,1850, shall be individually responsible, &c. If…
2Cases cited4 opinions
- Fletcher v. PeckSupreme Court of the United States · 1810
- Boyd's Lessee v. GravesSupreme Court of the United States · 1819
- Dash v. Van KleeckNew York Supreme Court · 1811
- Gordon v. Appeal Tax CourtSupreme Court of the United States · 1845
3Cited by65 opinions
- Attorney General v. Chicago & Northwestern Railway Co.Wisconsin Supreme Court · 1874
- In Re the Probate of the Last Will & Testament of CottrellNew York Court of Appeals · 1884
- Lord v. Equitable Life Assurance Society of the United StatesNew York Court of Appeals · 1909
- Leep v. Railway Co.Supreme Court of Arkansas · 1894
- The Albany Northern Railroad Company v. . BrownellNew York Court of Appeals · 1862
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