Metropolitan National Bank v. Claggett

Citations

• 141 U.S. 520

Syllabus

<p>When a state bank acting under a statute of the State calls in its circulation issued under state laws, and becomes a national bank under the laws of the United States, and a judgment is recovered in a court of the State against the national bank upon such outstanding circulation, the defence of the state statute of limitations having been set up, a Federal question arises which may give this court jurisdiction in error.</p> <p>The conversion of a state bank in New York into a national bank, under the act of the Legislature of that State of March 9, 18C5 (N. Y. Laws of 1865, c. 97) did not destroy its identity or its corporate existence, nor discharge it as a national bank from its liability to holders of its outstanding circulation, issued in accordance with state laws.</p> <p>The provisions in the statute of New York of April 11, 1859 (Laws of 1859, c. 236) as to the redemption of circulating notes issued by a state bank and the release of the bank if the notes should not be presented within six years^do not apply to a state bank converted into a national bank under the act of March 9, 1865, and not “ closing the business of banking.”-</p>