Whittemore v. Amoskeag Nat Bank
| Decision Date | 31 March 1890 |
| Citation | 33 L.Ed. 1002,134 U.S. 527,10 S.Ct. 592 |
| Parties | WHITTEMORE v. AMOSKEAG NAT. BANK et al. 1 |
| Court | U.S. Supreme Court |
H. G. Wood, for appellant.
F. P. Fish and Thos. L. Livermore, for appellees.
David C. Whittemore, of Manchester, in the district of New Hampshire, in his own behalf, and in behalf of such stockholders of the Amoskeag National Bank, a corporation duly established under the laws of the United States, and having its principal place of business at said Manchester, as might join therein, brought his bill of complaint, May 9, 1885, against the Amoskeag National Bank, Moody Currier, George B. Chandler, David B. Varney, John B. Varick, Henry Chandler, John S. Kidder, Edson Hill, and Reed P. Silver, all of Manchester, in said district, six of them directors, one of them the cashier, and the other a former director, of said bank, alleging, in substance, that complainant was the owner of five shares of the capital stock of the bank; that in 1875 a firm styled Dunn, Harris § Co. was adjudicated bankrupt by the United States district court for said district of New Hampshire, and an assignee appointed, being indebted at the time to the bank in the sum of $1,000, and one of the members of the firm, Cyrus Dunn, being indebted to the bank in the sum of $5,000; that the firm offered a composition of 15 per cent. to their creditors, and Cyrus Dunn offered a composition of 20 per cent. to his creditors; that the bank, by a vote of its directors, constituted one of their number its agent in the bankruptcy proceedings, and he entered into an agreement with Cyrus Dunn that, in consideration that the bank should furnish him with money sufficient to carry out the compromise, he would pay the agent of the bank a sum equal to the sum due to the bank; that, in pursuance of this agreement, the bank advanced from its funds a large sum without security, in doing which the directors and officers violated their duties and obligations to the bank's stockholders, and their acts were in violation of the charter of the bank and the laws of the United States; that the sum advanced was used in purchasing claims against Cyrus Dunn; that the compromise was confirmed, and the property of Cyrus Dunn conveyed by the assignee to the agent of the bank, and by him to the bank; that afterwards the composition was set aside, and the assignee brought suit against the bank to recover the property, which was decided by the district court in favor of the assignee; that in 1876 a note was given to the bank, signed by two of its...
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...See, e. g., Leather Manufacturers' Bank v. Cooper, 120 U.S. 778, 7 S.Ct. 777, 30 L.Ed. 816 (1887); Whittemore v. Amoskeag National Bank, 134 U.S. 527, 10 S.Ct. 592, 33 L.Ed. 1002 (1890); Herrmann v. Edwards, 238 U.S. 107, 35 S.Ct. 839, 59 L. Ed. 1224 (1915). Cf Continental National Bank v. ......
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