Baker v. Schofield

Citations

• 221 F. 322
• 136 C.C.A. 320
• 1915 U.S. App. LEXIS 1333

Syllabus

<p>1. Banks and Banking @=>261—National Banks—Effect of Acts Ultra Vires.</p> <p>That a purchase of real estate by a national bank was in violation of the national banking law and ultra vires does not render the transaction void, but voidable only, and its validity cannot be questioned by private parties, but only by the United States.</p> <p>[Ed. Note.—For other cases, see Banks and Banking, Cent. Dig. §§ 991-1000; Dec. Dig. @=>261.]</p> <p>2. Banks and Banking @=>287—Receivers on Insolvency—Sale of Assets —Construction of Order.</p> <p>An order of court authorizing the receiver of a national bank to sell at private sale all assets of the insolvent bank which were in his judgment bad and doubtful, “consisting of bills receivable, judgments, overdrafts, * * * and other personal and chattel property and evidences of indebtedness,” did not confer on the receiver power to sell and assign a contract with the state for the purchase of tide lands, which as owner of the adjacent upland the bank had the preference right to purchase, and which contract conveyed to it an interest which under the state law was real estate.</p> <p>[Ed. Note.—For other cases, see Banks and Banking, Cent. Dig. §§ 1089- . 1104, 1126, 1127; Dec. Dig. @=>287.]</p> <p>3. Banks and Banking @=>287—Receivers—Fraudulent Sale of Property.</p> <p>Evidence held to entitle the receiver of a national bank to recover tide lands, the contract for the purchase of which from the state had been sold and assigned by a former receiver, on the ground that such sale was fraudulent, as being subject to a secret trust in favor of the receiver; it appearing that the sum received was much less than the value of the property, that the nominal purchaser resold it two years later to the receiver for the same price, with interest, and that the receiver’s ownership had been concealed, even up to the time of suit.</p> <p>[Ed. Note.—For other cases, see Banks and Banking, Cent. Dig. §§ 1089-1104, 1126, 1127; Dec. Dig. @=>287.]</