Argument of E. C. SeamanCase submitted October term, 1844, and reserved for the consideration and decision of the Supreme Court of the United States. Concerns the payment of debts to the directors of said bank. |
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act of incorporation ALPHEUS FELCH annulled articles of association assent Banking Acts banking associations banking purposes bill canals chartered banks citizens common law common seal conferring corporate powers Constitution copartnerships counsel Court of Chancery Court of Equity Court of Errors Cowen created creditors debts decided decision declaring deed defendants Detroit City Bank directors and stockholders doctrines effect eleventh amendment England engraft forfeiture gislature holder honors illegal impair the obligation individual infallible injustice Johnson's Rep joint stock companies Judge Bronson Judge Whipple judgment judicial laws lands legal and valid legislative powers Legislature liable majority vote ment Michigan National Courts null and void nullify obligation of contracts opinion particips criminis parties passed pernicious persons Peters prejudice question remedy repeal reported restraining act restraining law retrospective rules sound law statute sued suppose Supreme Court swindle tion tracts two-third clause two-third vote unconstitutional and void violation wild cat banks York
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Page 17 - State should reconsider their ordinances of secession, and again recognize the Constitution of the United States as the supreme law of the land.
Page 37 - State ; and all notes and securities for the payment of money, or the delivery of property, made or given to any such association, institution or company, not authorized as aforesaid, shall be null and void...
Page 39 - Hancock, said that there is no case where money has been actually paid by one of two parties to the other upon an illegal contract, both being particeps criminis, an action has been maintained to recover it back.
Page 2 - The Legislature shall pass no act of incorporation, unless with the assent of at least two-thirds of each House.
Page 2 - for all debts of such banking association, the directors thereof, if such association shall become insolvent, in the first place shall be liable in their individual capacity to the full amount which such insolvent association may be indebted ; and each other stockholder shall thereafter be also liable in like manner, in proportion to his or her amount of stock, for the payment of the full amount of the debts of such insolvent association.
Page 7 - ... enforce the laws of the states. The rights of parties are determined under those laws, and it would be a strange perversion of principle, if the judicial exposition of those laws, by the state tribunals, should be disregarded. These expositions constitute the law and fix the rule of property. Rights are acquired under this rule, and it regulates all the transactions which come within its scope.
Page 37 - No person unauthorized by law shall subscribe to or become a member of, or be in any way interested in any association, institution or company formed or to be formed for the purpose of issuing notes or other evidences of debt to be loaned or put in circulation as money...
Page 17 - No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, expost facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
Page 2 - SECTION 1. The legislative power shall be vested in a Senate and House of Representatives, which shall be designated, "The Legislative Assembly of the State of Montana.
Page 34 - It is contended by the defendants that this provision of the statute is in derogation of the common law, and must, therefore, be strictly construed.