Xenia Bank v. Stewart - 114 U.S. 224 (1885)
U.S. Supreme Court
Xenia Bank v. Stewart, 114 U.S. 224 (1885)
Xenia Bank v. Stewart
Argued March 2, 1885
Decided March 30, 1885
114 U.S. 224
The declaration of a cashier of a national bank concerning a disputed payment of money into the bank to take up a note left there for collection may be used by the plaintiff in a suit against the bank to recover the amount received by it from the sale of collateral held as security for the payment of the note -- if the declaration was made at the time of the transaction, or in response to timely inquiries by parties interested.
It is within the scope of the general authority of the cashier of a national bank to receive offers for the purchase of securities held by the bank and to state whether or not the bank owns securities which a customer wishes to buy.
A statement by the cashier of a national bank that the bank is not the owner of a security in his manual possession as cashier is within the line of his duty, and is admissible in evidence against the back as the act of its authorized agent.
A letter signed by a cashier of a national bank on official paper of the bank respecting the transaction which forms the subject of the controversy, written to a party to the transaction and while it was going on, is admissible in evidence in a suit against the bank.
On an issue whether a deceased party had furnished money to pay a note, it is not allowable to attempt to show that for more than a year previous, he had been hopelessly insolvent and had experienced great difficulty in procuring means to meet his obligations.
A creditor of a person having possession of property of the debtor cannot, without judicial process, and against the debtor's will, sell the property and apply its proceeds to the payment of his debt.
This was an action brought by defendants in error against plaintiff in error to recover the value of thirty certificates of shares in the bank of the plaintiff in error owned by defendants' intestate in his lifetime and sold by the bank after his death. The facts are stated in the opinion of the Court.