McCabe v. Sacchetti

Citations

• 73 Pa. Super. 500
• 1920 Pa. Super. LEXIS 48

Syllabus

<p>National banks — Directors—Compensation for negotiating loans —Act of Congress, December %8, 1918, chapter 6, section 8%.</p> <p>Under the Act of Congress of December 23, 1913, chapter 6, section 22, which declares that “no officer, director, etc.,......of a member bank shall be a beneficiary of or receive directly or indirectly any fee, commission, gift or other consideration for or in connection with any transaction or business of the bank,....any person violating any provision of this section shall be punished by a fine or by imprisonment or both,” a director of a national bank cannot accept money for procuring a loan in the bank of which he is a director, and a note given on account of such service is without valid consideration.</p> <p>Where, in an action on a promissory note the defense was that it was given to a director of a national bank in consideration of his services in securing a loan from his bank, the defendant is entitled to have the evidence submitted to the jury, relative to guch negotiations, with tbe instruction that, if believed, the consideration of the note was against public policy and the contract void.</p>