Barkas v. Comm'r of Banks
| Citation | 150 N.E. 178,254 Mass. 451 |
| Parties | BARKAS v. COMMISSIONER OF BANKS et al., and seven other cases. |
| Decision Date | 12 January 1926 |
| Court | United States State Supreme Judicial Court of Massachusetts |
Reservation and Report from Supreme Judicial Court, Suffolk County.
Actions by Philip Barkas, Herbert B. Mackintosh, Rose A. Radlo, Sol Goldband, Morris Rothstein, Nathan Zand, the South Acton Woolen Company, and Louis Zelermyer against the Commissioner of Banks and others. On reservation and report after interlocutory decrees for plaintiffs. Interlocutory decrees affirmed, and final decrees ordered for plaintiffs.
Banks and banking k315(3)-Depositors held entitled to have deposits classified in savings department, in view of false representations of bank's officers.
Depositors held entitled to have their deposits classified as deposits in savings department, though company did not issue certificates of deposit therefrom, where they were induced to make such deposit on fraudulent representations of bank's officers, though claims had been proved as commercial deposits and some of them had received dividends thereon.
M. M. Horblit, of Boston, for Rothstein, Zand, South Acton Woolen Co., and Zelermyer.
B. H. Greenhood, of Boston, for Barkas.
H. B. Mackintosh, of Needham, pro se.
T. M. Vinson and A. G. Gould, both of Boston, for Goldband.
H. O. Cushman, R. W. Nason, and D. L. Smith, all of Boston, for defendants.
Although the respective deposits in the company of these eight plaintiffs were made on different dates, and in different amounts, they are essentially the same in all other important particulars. Each plaintiff was induced to make a deposit in the savings department by reason of the false and fraudulent representations of leading officers of the compnay; in each instance a certificate of deposit in the same form, except as to the time of payment and rate of interest, was delivered to the plaintiffs respectively; and although the company did not issue certificates of deposit from the savings department, as represented by Mitchell and Pinksohn, that fact was not known to the plaintiffs who, it was found, received the certificates as evidence of the fact that the money had been received by the company. In each case it has been found or agreed that the plaintiff was induced to part with his money be reason of the fraud practiced upon him by one or more officers of the company. In these circumstances the plaintiffs are entitled to have their deposits classified as deposits in...
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Cooper v. Fid. Trust Co.
...Trust Co., 252 Mass. 253, 147 N. E. 742; Cronan v. Commissioner of Banks, 254 Mass. 444, 150 N. E. 193; Barkas v. Commissioner of Banks, 254 Mass. 451, 150 N. E. 178. There are no constitutional or statutory restrictions in this state upon the power of trust companies to issue certificates ......
- Rothstein v. Comm'r of Banks
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Marvin v. First Nat. Bank of Aurora, Ill.
...terms of the statutes. Therefore she is not barred by the wrongful acts of the company or its officers or agents. Barkas v. Commissioner of Banks, 254 Mass. 451, 150 N. E. 178." The general doctrine upon which these decisions are based is stated in 3 R. C. L. § 47 as "If, however, a banking......
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Morrison v. Lawrence Trust Co.
...terms of the statutes. Therefore she is not barred by the wrongful acts of the company or its officers or agents. Barkas v. Commissioner of Banks, 254 Mass. 451, 150 N. E. 178. It is argued by the defendants that a difference exists between section 54 and section 62, by reason of a differen......