Saltmarsh v. Plant. & Mer. Bank

Citations

• 17 Ala. 761

Syllabus

<p>1. After the charter of a corporation is declared forfeited, it can do no act, by ■which rights can be acquired, nor can it maintain a suit to enforce those acquired during the continuance of the charter, unless its power and capacity for that purpose is continued by statute, after its existence as a corporation is ended.</p> <p>2. Under the powers confered by the Acts of the 13th February 1843, for the final settlement of the affairs of The Planters and Merchants Bank of Mobile, and of the 24th January 1845, amendatory thereof, the trustees appointed by virtue of the latter act may lawfully enter into a contract with a third person, without the consent of the debtor, to secure the payment of a doubtful debt due to the Bank, and transfer the debt for that purpose to such third person.</p> <p>3. A contract, by which the endorsee of a valid bill or other chose in action assigns it in exchange for a debt of less amount, is not usurious, unless intended as a device to evade the statute; nor can such a transaction in legal parlance be considered a discount of the bill.</p> <p>4. The amount of the recovery on a usurious contract is limited by the Act of 1834, to the principal sum loaned or advanced, and interest on that sum cannot be allowed.</p>