Fridley v. Bowen

Citations

• 87 Ill. 151

Syllabus

<p>1. National banks—loans on real estate security prohibited. The banking law of the United States prohibits national banks from loaning money on real estate security. They are limited to loans on personal security. Therefore, a mortgage given to an officer of such a bank, at the time of a loan by the bank, to secure its payment, being, in effect, the same as if made to the bank, is void, and will not be enforced by the courts.</p> <p>2. Same-—must act in the manner prescribed. A bank can only exercise its franchises and powers in the manner prescribed by the law under which it is organized. The rule is the same with all bodies having only a statutory existence,</p> <p>3. Corporation—prohibition by implication. Where one mode of exercising an express power, by a banking corporation, is prescribed in the law creating such corporation, by implication this will seem to forbid the exercise of such power in any other way.</p>