Concord First National Bank v. Hawkins

Citations

• 174 U.S. 364
• 19 S. Ct. 739
• 43 L. Ed. 1007
• 1899 U.S. LEXIS 1497

Syllabus

<p>Tbe investment by tbe First National Bank of Concord, New Hampshire, of a part of its surplus funds in the stock of the Indianapolis National Bank of Indianapolis^ Indiana, was an act which it had no power or authority in law to do, and which is plainly against the meaning and policy of the statutes of the United States and cannot be countenanced; and the Concord corporation is not liable to the receiver of the Indianapolis corporation for an assessment upon the stock so purchased made under an order of the Comptroller of the Currency to enforce the individual liability of all stockholders to the extent of the assessment.</p> <p>The doctrine of estoppel does not apply to this case.</p>