Bank of Mississippi v. Duncan

Citations

• 56 Miss. 166

Syllabus

<p>1. Bank. Rights of creditors and stockholders. Power of Legislature.</p> <p>If, at the time of the passage of the act of February 10, 1860, which granted to the Bank of Mississippi the right to sue to collect “ the debts and choses in action due to it,” there was any thing due the bank, to which creditors and stockholders could maintain a claim in any of the courts of this State, it was within the power of the Legislature to revive the bank for the purpose of collecting its assets, to be distributed amongst such creditors and stockholders. But if the bank had ceased to exist by the limitation of time in its charter, and if by its extinction the rights of creditors and stockholders expired, it was not within the power of the Legislature to revive rights before extinguished, and authorize their enforcement.</p> <p>2. Same. Its dissolution by limitation. Effect.</p> <p>The High Court of Brrors and Appeals settled the rule that banks in this State were subject to the operation of the common-law incidents to the dissolution of a corporation; and as a result of such rule, that court held that, upon the dissolution of a bank, all of its rights and liabilities became extinct, except such as might be saved by express statutory provisions. Under the operation of this rule, where a bank was dissolved in 1850, by the efflux of time or a limitation in its charter, neither the creditors nor stockholders of the bank had any .rights at law or in equity after its dissolution.</p> <p>3. Same. Dissolution by time. Rights of creditors and stockholders.</p> <p>This court cannot concur in the opinions of the High Court of Brrors and Appeals, by which the rule was established in this State that the rights in equity of the creditors and stockholders of a bank should become extinct upon its dissolution by efflux of time; but, the rule having been settled, it is the duty of this court to apply it to a bank contemporary with those in respect to which the rule was announced.</p> <p>4. Same.