McCormick v. Market Bank
United States Supreme Court
165 U.S. 538 (1897)
- Written by Robert Cane, JD
Facts
Under the National Bank Act, a corporation organized to operate as a national banking association could not transact any business except business incidental and necessarily preliminary to the organization of the corporation. Market Bank (defendant) applied to the United States Office of the Comptroller of the Currency for a national bank charter. Prior to receiving a certificate from the comptroller authorizing it to conduct business, Market Bank entered a lease contract for an office with McCormick (plaintiff). Ultimately, Market Bank breached the contract, and McCormick sued. Market Bank argued that entering the lease contract prior to receiving a certificate from the comptroller was ultra vires, i.e., outside of Market Bank’s lawful authority, so the contract was void. The lower court found for Market Bank. McCormick appealed.
Rule of Law
Issue
Holding and Reasoning (Gray, J.)
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