Bank of Attica v. . Manufacturers' and Traders' Bank
New York Court of Appeals
Appeal from the Supreme Court. Action, by the plaintiff, a corporation organized under the act to authorize the business of banking, against another corporation organized under the same act, to recover the sum of $1,000, and interest from the 1st of September, 1857. The complaint, after setting up the organization of the parties under the act of 18th April, 1838, avers these facts: On the 18th of September, 1856, one Chester Hitchcock became and was the owner of twenty…
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Appeal from the Supreme Court. Action, by the plaintiff, a corporation organized under the act to authorize the business of banking, against another corporation organized under the same act, to recover the sum of $1,000, and interest from the 1st of September, 1857. The complaint, after setting up the organization of the parties under the act of 18th April, 1838, avers these facts: On the 18th of September, 1856, one Chester Hitchcock became and was the owner of twenty shares of stock of the defendant’s bank, and held a certificate of that date for such stock, numbered 175, in his own name.…
1Opinion of the Court
The opinion of the court was delivered by
Denio, J.
We are of opinion that it was not in the power of the directors of the defendant’s bank to restrain the transfer of its stock in the manner proposed by the by-law upon which the defendant relies. The general banking law contemplates an individual ownership of the shares into which the capital stock shall be divided, and their transfer from one person to another. It declares that the shares shall be personal property, though the money which constitutes the capital may be in part invested in real estate. The association, in judgment of law, is…
2Cited by22 opinions
- New England Trust Co. v. AbbottMassachusetts Supreme Judicial Court · 1894
- In re KlausWisconsin Supreme Court · 1886
- Driscoll v. . West Bradley C.M. Co.New York Court of Appeals · 1874
- Seeley v. New York National Exchange BankNew York Court of Common Pleas · 1878
- Steele v. Farmers & Merchants Mutual Telephone Ass'nSupreme Court of Kansas · 1915
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