Deweese v. Smith

Citations

• 106 F. 438
• 1901 U.S. App. LEXIS 3980

Syllabus

<p>1. The Law Part op the Contract.</p> <p>The statutes and the settled law of the land at the time a contract is made become a part of it, and must be read into it.</p> <p>2. Stockholders op National Banks — Liability po'r Debts Contractual.</p> <p>The liability of the shareholders of national hanks for their debts under section 5151 of the Revised Statutes is based upon contract.</p> <p>3. Same — Terms op Contract.</p> <p>The contract of the shareholder of a national hank with the hank and its creditors regarding its debts is that, to an amount not exceeding the par value of his shares of stock, and hot exceeding his equal and ratable proportion, he will pay, at such times and in such amounts as the comptroller of the currency shall demand, the debts and obligations of his bank.</p> <p>4. Indivisible Demand Due — Estoppel of Judgment for Part.</p> <p>A judgment for a part of an entire, indivisible demand, all of which is due when the action is commenced, is an election to take the part in satisfaction of the whole, and It estops the plaintiff from recovering the residue.</p> <p>5. Indivisible Demand-Judgment for Installment Dub — Effect.</p> <p>But a judgment for a part of such a demand which is due does not estop the plaintiff from maintaining another action for another part of the demand, which becomes due subsequent to the commencement of the first action.</p> <p>6. Receiver's Judgment foe Assessment No Estoppel as to Subsequent Assessment.</p> <p>A judgment in favor of the receiver of an insolvent national bank for the recovery of an assessment made by the comptroller upon a shareholder does not estop him from maintaining a second action against the same shareholder for another assessment which had not been made or was not due when the first action was commenced.</p> <p>7. Construction of Statutes — Decisions and Practice of Executive Officers —CoNCl.USrVENGSS.</p> <p>While the construction of statutes by the officers to .whom congress has intrusted their exec