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Bank charter provided that “stockholders shall be individually liable to the amount of their stock for all debts.” Held liable for double face value of stock.

Root v. Sinnock, 120 Ill. 350. Liability of bank stockholders for “the amount of their stock" under the bank charter, is a civil action, not a penalty. Statute as to same construed.

Queenan v. Palmer, 117 III. 619. Stockholder may release his liability as a partner under banking statute by actually paying any creditor the full sum due from him as shareholder.

Thompson v. Meisser, 108 Ill. 359. Bankers liable as partners.

Buchanan v. Meissner, 105 Ill. 638. Holders of National Bank stock will be held liable, under Sec. 5151 of the Federal Banking Law, even though stock is not transferred on the bank books.

Laing v. Burley, 101 Ill. 591.

General powers of banks.

Purchase of land at foreclosure by bank, can be questioned only in Federal court.

Dewitt Co. Bank v. Mickelberry, 244 Ill. 77. Banks have no authority to buy manufacturing plants or to make an option contract for such a purpose.

Harding v. Amer. Glucose Co., 183 Ill. 551 (609). A bank contracting to conduct a branch bank, but failing to do so because of its insolvency, is liable for breach of contract.

Chemical Bank v. World's Columbian Ex., 170 III. 82 (92). National banks have no power to make a lease before receiving comptroller's certificate—no estoppel to defend.

McCormick v. Market Nat'l Bank, 162 Ill. 100 (108-9).

What acts may be “incidental and preliminary” to organization of national bank.

McCormick v. Market Nat'l Bank, 162 Ill. 100 (107).

Charters of State banks.

Special bank charters are subject to general State banking laws.

Henderson L. & R. Ass'n v. People, 163 Ill. 196 (203-4). Banks may lose charter by non-user-quo warranto.

Henderson L. & R. Ass'n v. People, 163 Ill. 196 (206).

Receivers and assignees of.

AN ACT relating to receivers and assignees of banks, banking institutions, banking firms and savings banks. (Approved May 31, 1879. In force July 1, 1879. Laws 1879, p. 236; Legal News Ed., p. 178.

1. Receiver to make detailed statement, etc.) § 1. Be it enacted by the People of the State of Illinois represented in the General Assembly. That it shall be the duty of the receiver or assignee of any savings or other banks, or any private banker or firm doing a banking business immediately upon a request made to him thereof, in writing, signed by any ten depositors of such bank, of which he shall be the receiver or assignee, to make and file in the court in which said cause is pending a detailed statement (which statement may be published if the court shall deem proper), showing all the assets of such bank, of whatever kind or nature and of all promises to pay, of whatever kind or nature, showing: 1st. When such promises were made or arose. 2d. When they were or are due. 3d. The names of the persons making such promises. 4th. The thing to be paid, and if money, the amount thereof, the rate of interest thereof, if any, and the amount of interest due and unpaid thereon, if any. 5th. Whether the payment of such debt has been extended, and if so, from when and how many times. 6th. A particular description of whatever collateral security or guarantee thereof such bank may have, and if it be that of a person, the name of such person. Which detailed statement shall be open to inspection by all parties in interest, and also a statement taken from the books of such bank, of the number and amount of the shares of the capital stock of such bank, the names and addresses if known

of all the stockholders, the number of shares held by each, when acquired and from whom.

2. Statements once in four months.) § 2. Such receiver or assignee shall be required to make and file such statements not oftener than once in four months.

3. May be removed.) § 3. It shall be the duty of any court that has appointed any such receiver, to remove immediately such receiver upon his failure to comply with this act; and any assignee failing to comply with this act shall be removed upon the order of any court of competent jurisdiction.

Receivers for State banks.

By Section 11, Chapter 16a (Hurd, 1905) of the Banking Act, the State Auditor may begin suit in equity and have a receiver appointed for any bank whose capital has become impaired by defalcation or otherwise, but shall give the president or acting head thirty days' notice before beginning suit.

People v. Mil. Ave. Bank, 230 III. 505. Securities belonging to a bank president but taken possession of by a receiver should be turned over to an assignee of same, not refunded to the bank, even where said president has misappropriated funds of the bank.

University of Illinois v. Globe S. Bank, 185 Ill. 514. A contract by a bank to re-purchase bonds sold by it, is binding on a receiver of such bank—when.

Wolf v. Nat'l Bank of Illinois, 178 IIl. 85. In action against a national bank and its receiver, judgment may be against the bank alone, and be certified to the U. S. Comptroller of the Currency, to be paid in due course.

Wolf v. Nat'l Bank of Illinois, 178 Ill. 85. Receiver of national bank cannot avoid the contracts of the bank-lease-action on for rent.

Chemical Bank v. Hartford Deposit Co., 156 Ill. 522. Action in equity to close up the affairs of an insolvent bank and collect amounts due from stockholders held proper. What showing should be made.

Tunesma v. Schuttler, 114 Ill. 156.

Deposits and depositors—Rights and remedies.

An order to pay the collection of a certificate of deposit to certain persons may be cancelled in equity for want of consideration, or if obtained by conspiracy.

Samuels v. Northrup Nat'l Bank, 234 Ill. 9. Failure of a depositor to have his pass book balanced, and to examine the checks returned to him, does not make him liable for money paid by the bank to his agent on an unauthorized check cashed by such agent, even though such examination might have disclosed the fact.

Mer. Nat. Bank v. Nichols & Co., 223 Ill. 41. Endorsement of certificate of deposit is void, when the endorsement is part of a gambling transaction.

Thomas v. First Bank of Belleville, 213 III. 261. A banker is under duty to exercise ordinary care in investing and collecting money of a depositor.

Watson v. Fagner, 208 Ill. 136. When action will lie against a bank for refusing to pay checks of a depositor who has funds in the bank-not here.

Hanna v. Drovers' Nat'l Bank, 194 Ill. 252. Action against bank for slandering credit of depositorgist of.

Hanna v. Drovers' Nat'l Bank, 194 Ill. 252. A bank discounting a note and placing the proceeds to the credit of the seller of the note, as a deposit, does not become an innocent purchaser-when.

Warman v. First Nat'l Bank, 185 111. 60. When pass-book is good evidence in action against a bank partnership

Arnold v. Hart, 176 Ill. 442 (447). Partners operating a banking business will be liable for deposits, after they have withdrawn, where a suing depositor had no notice of such withdrawal.

Arnold v. Hart, 176 Ill. 442.

Closing the bank doors waives the right of the bank to require notice of withdrawal of deposits.

Arnold v. Hart, 176 Ill. 442 (446). An agreement between bank and depositor that new deposits shall not be used to pay checks drawn before the deposit, is not good as against holders of such checks. If deposits are sufficient the bank must pay the check.

Gage Hotel Co. v. Union Nat'l Bank, 171 Ill. 531 (535). Bank depositors may draw checks, knowing their funds are insufficient to pay them, if in anticipation of having deposits to pay them when presented.

Gage Hotel Co. v. Union Nat'l Bank, 171 Ill. 531 (537). Acceptance of a dividend on his claim against an insolvent national bank does not estop a depositor from suing for the part of his claim disallowed by the comptroller.

Chemical Bank v. World's Col. Ex., 170 Ill. 82. Bankers have no authority to apply funds to pay the depositor's debts to the bank, and thereby defeat payment of a check drawn before such application, and known to the bank; even though comptroller is in control before presentation.

Niblack v. Park Nat'l Bank, 169 Ill. 517. (But see 181 III. 279 (284.) Book entries by a bank, as to an anticipated deposit, does not affect title to the fund, until the money is received by the bank.

Amer. Ex. Nat'l Bank v. Loretta Mining Co., 165 III. 103. A “special deposit" for a designated purpose cannot be paid out for other purposes-status of where bank becomes insolvent.

Amer. Ex. Nat'l Bank v. Loretta Mining Co., 165 Ill. 103. Action against banker for receipt of deposits, after known insolvency.

Meadowcroft v. People, 163 Ill. 56. Banks are not authorized to apply money deposited by an agent for another, in his own name, to pay a debt owing it by such agent personally.

Clemmer v. Drovers' Bank, 157 III, 206.

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