Citizens' Central Nat. Bank of NY v. Appleton

Citations

• 216 U.S. 196
• 30 S. Ct. 364
• 54 L. Ed. 443
• 1910 U.S. LEXIS 1885

Syllabus

<p>Although a contract, made by a corporation may be illegal as ultra vires, an implied contract may exist compelling it to account for the benefits .actually received.</p> <p>A national bank which guarantees a loan made by another bank in . pursuance of an agreement that it be paid the amount due it by the borrower out pf the proceeds of the loan, cannot avoid its liability for the amount actually received by it pursuant to the arrangement on the ground' simply of ultra vires; it may be liable for money had and received.</p>