Schrader v. Manufacturers' National Bank of ChicagoAnnotate this Case
133 U.S. 67 (1890)
U.S. Supreme Court
Schrader v. Manufacturers' National Bank of Chicago, 133 U.S. 67 (1890)
Schrader v. Manufacturers' National Bank of Chicago
Submitted January 9, 1890
Decided January 20, 1890
133 U.S. 67
APPEAL FROM THE CIRCUIT COURT OF THE UNITED
STATES FOR THE NORTHERN DISTRICT OF ILLINOIS
A national bank went into voluntary liquidation in September, 1873. Before that, it had become liable to a state bank as guarantor on sundry notes made by a third person and which were discounted for it by the state bank. In August, 1874, transactions took place between the maker of the notes and the state bank, and the person who acted as the president of the national bank, whereby the maker was released from further liability on the notes, but such acting president attempted to continue, by agreement, the liability of the national bank as guarantor. In a suit begun in October, 1876, a judgment on the guaranty was obtained in May, 1880, by the state bank against the national bank. In a suit brought by a creditor against the national back and its stockholders to enforce their statutory liability for its debts, the court, on an application made in June, 1887, enquired into the liability of the stockholders to have the claim of the state bank enforced as against them in view of the transactions of August, 1874, and disallowed that claim.
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