Baker v. Old Nat. Bank
| Decision Date | 19 January 1899 |
| Docket Number | 263. |
| Citation | 91 F. 449 |
| Parties | BAKER v. OLD NAT. BANK OF PROVIDENCE, R.I., et al. |
| Court | U.S. Court of Appeals — First Circuit |
Algernon S. Norton and Joseph F. Daly (C. Frank Parkhurst, on brief) for appellant.
Herbert Almy, for appellees.
Before PUTNAM, Circuit Judge, and WEBB and LOWELL, District Judges.
This bill was brought by the statutory receiver of a national banking association in the state of Washington against several alleged stockholders resident in Rhode Island, for an assessment laid by the comptroller, amounting to 75 per cent of the par of the shares, which was $100 each. Except as herein stated, the several defendants had no joint interest as under the statutes of the United States each was severally liable for the assessment laid on his own shares, and for nothing more. No objection has been made to the joinder of several stockholders as defendants. There is, however, a plain objection to our jurisdiction, which, under the well-settled rules, we must take cognizance of, although no question in reference thereto has been made by the parties.
Among the stockholders who are made defendants in the bill was one Abram Barker, who is charged with liability on 180 shares of stock, which are in addition to the shares to which this appeal relates; but the bill prays for relief generally against him. Among the other defendants are the Old National Bank of Providence and Francis A. Cranston, who, or one of whom, is sought to be charged for the assessment on 100 shares of stock which were transferred by Abram Barker to 'F. A. Cranston, cashier.' Cranston was the cashier of the Old National Bank of Providence. There are some matters in the record to sustain a finding that the registration of the transfer on the books of the insolvent bank was made in the following form: 'F. A. Cranston, cashier Old National Bank of Providence, R.I.' It does not appear on the record whether this form of registry was authorized by the parties to the transfer, and for present purposes it is not necessary that this fact should be ascertained. The record shows, however, that, if Cranston should be holden for the assessment, the defendant bank must exonerate him therefrom.
The bank and Cranston united in a plea, of which it is necessary to refer to only so much as alleges that the 100 shares in issue were transferred by Barker to 'F. A. Cranston cashier,' acting in behalf of the defendant bank, to hold as collateral security for the indebtedness of Barker to it. The case was set down for hearing on the bill and plea. The court thereupon determined the plea in favor of Cranston and the defendant bank, and the complainant...
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