United States Courts of Appeals Reports; Cases Adjudged in the United States Circuit Court of Appeals Volume 26

United States Courts of Appeals Reports; Cases Adjudged in the United States Circuit Court of Appeals Volume 26

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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. 1896 edition. Excerpt: ...As the bulk of the damage was caused by this failure to recoudition, and the neglect so to do occurred when the vessel was under the supervision of her owners, we concur with the District Judge in the conclusion that the exemptions are insuificient to absolve them, even if treated as valid, and applied according to English law.-The decree of the District Court is ERROR TO THE CIRCUIT COURT OF THE UNITED STATES FOR THE SOUTH-ERN DISTRICT OF NEW YORK. No. 17. Argued November 12, 1894.-Decided December 3, 1891. A national bank in Philadelphia, on the day when it was declared insolvent, and was taken possession of by a bank examiner by direction of the Comptroller of the Currency, had a balance of deposit to its credit on the books of a national bank in New York, which balance was the proceeds of the discount of several notes, which discounts were obtained under an agreement by the Philadelphia. national bank that it would not draw against the apparent proceeds of the discounts, and that the notes discounted should be charged back " before, at or after maturity." The proceeds of these discounts were entered by the Philadelphia national bank upon its books as part of "its lawful-money reserve" on deposit in New York City and were so reported in its returns made to the Comptroller of the Currency under the provisions of the National Banking Act. Held, (1) That it was not unlawful, or contrary to public policy, for the Philadelphia national bank to agree with the New York national bank that the latter should credit it with the proceeds of the discounts, but should not be required to pay them over, except as the discounted paper might itself be paid; (2) that the fact that the Philadelphia national bank afterward book...show more

Product details

  • Paperback | 280 pages
  • 189 x 246 x 15mm | 503g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236749227
  • 9781236749222