National Bank v. Graham
100 U.S. 699 (1879)

Annotate this Case

U.S. Supreme Court

National Bank v. Graham, 100 U.S. 699 (1879)

National Bank v. Graham

100 U.S. 699

Syllabus

1. A national bank is liable for damages occasioned by the loss, through gross negligence, of a special deposit made in it with the knowledge and acquiescence of its officers and directors.

2. Gross negligence on the part of a gratuitous bailee, though not a fraud, is in legal effect the same thing.

3. The doctrine of ultra vires has no application in favor of corporations for wrongs committed by them.

4. Sec. 5228 of the Revised Statutes, which provides that it shall be lawful for a national bank after its failure to "deliver special deposits," is as effectual a recognition of its power to receive them as an express declaration to that effect would have been.

5. The phrase "special deposits," so employed, embraces the public securities of the United States.

The facts are stated in the opinion of the Court.

Official Supreme Court caselaw is only found in the print version of the United States Reports. Justia caselaw is provided for general informational purposes only, and may not reflect current legal developments, verdicts or settlements. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or information linked to from this site. Please check official sources.