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First National Bank v. National Exchange Bank

92 U.S. 122 (1875)

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First National Bank v. National Exchange Bank

United States Supreme Court
92 U.S. 122 (1875)

  • Written by Robert Cane, JD

Facts

Under the National Bank Act, national banks had the authority to exercise all incidental powers necessary to carry on the business of banking. First National Bank of Charlotte (First National) (plaintiff) issued a certificate of deposit to Bayne. Bayne transferred the certificate of deposit to National Exchange Bank (National Exchange) (defendant) as collateral for a debt Bayne owed to National Exchange Bank. Bayne did not disclose the transfer to First National, and he collected the money due on the certificate of deposit from First National. As a result, any payment made by First National to National Exchange Bank with respect to the certificate of deposit became an enforceable obligation against Bayne. First National sued National Exchange. The court of appeals held that a bank may accept stock for payment and satisfaction of a debt. First National appealed.

Rule of Law

Issue

Holding and Reasoning (Waite, C.J.)

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Casebooks

Banking Law

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