National Bank & Loan Co. v. Petrie
189 U.S. 423 (1903)

Annotate this Case

U.S. Supreme Court

National Bank & Loan Co. v. Petrie, 189 U.S. 423 (1903)

National Bank & Loan Company v. Petrie

No. 166

Argued and submitted February 21, 1903

Decided March 9, 1903

189 U.S. 423

Syllabus

Where a national bank has sold certain bonds and the vendee has obtained a judgment for the purchase money in a state court on the ground that the sale was induced by false representations of the president of the bank, the judgment will not be reversed on the ground that the sale of the bonds was without the authority of the bank and was illegal and void. The fraud is prior to the sale and authorizes a rescission; nor can the bank claim that the fraud was perpetrated by an agent who did not represent it for illegal purposes. The bank must adopt the whole transaction or no part of it.

The case is 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.