The Law of Banks and Banking; Embracing Also the Law Applicable to National Banking Associations

The Law of Banks and Banking; Embracing Also the Law Applicable to National Banking Associations

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1892 edition. Excerpt: ...upon speculative and accommodation paper, but it contemplates and permits to an unlimited amount the discount of paper used and required in facilitating the transfer of property and money in the transaction of the legitimate business of the country.' It is further held that this provision of the act is to be regarded as a direction respecting the management of the bank, and not as a limitation of its powers;3 and it is well-settled law, that loans to any person, corporation, or firm, in excess of one-tenth part of the capital stock of a national bank, are not void, and in an action to recover such loans the defendant cannot interpose the defense that they were in violation of the section of the act under consideration.' Nor will an injunction be granted to restrain a national bank from transferring to an innocent third person securities taken to secure a loan, on the ground that the loan was in excess of one tenth of its capital stock.-" The loan may be collected, and if a penalty is to be enforced against the bank, it can be done only at the instance of the government." By the excessive loan the bank exposes its franchise to forfeiture, and the officers participating therein would be personally liable.' But where the borrower, in the case of an excessive loan by the bank, is also one of the directors, he is liable simply as a debtor to the bank." If 9. national bank, organized from a State bank, takcs from such State bank a discounted note for a larger amount than a national bank is authorized to loan to a single borrower, such note is not, nor is any note subsequently given in renewal thereof, to be regarded as given for money borrowed of the national bank, within the meaning of the section of the...show more

Product details

  • Paperback | 168 pages
  • 189 x 246 x 9mm | 313g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236883764
  • 9781236883766