Terry v. Commercial Bank of Alabama
92 U.S. 454 (1875)

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U.S. Supreme Court

Terry v. Commercial Bank of Alabama, 92 U.S. 454 (1875)

Terry v. Commercial Bank of Alabama

92 U.S. 454

Syllabus

1. The holder of the notes of an insolvent bank, the stockholders whereof are liable for so much of the just claims of creditors as remain unpaid after the assets of the bank shall be exhausted, filed a bill in equity to wind up the affairs of the institution under the provisions of its charter. The stockholders were not made parties, nor served with process, nor was any motion, petition, or prayer, filed to subject them to liability. Held that so much of the final decree as discharged them from all liability for and on account of any debt or demand against them or the bank was erroneous.

2. Where, after a final decree on the merits had been rendered upon the report of the receiver and upon the reports of the master to whom it had been referred, all of which had been confirmed without exception, the complainant filed a petition supported by his affidavit asserting that his solicitor had deserted his interests, failed to except to the reports, and improperly consented to the decree, held that this Court cannot consider the alleged errors in the reports of the master, or review the action of the court below in refusing to set aside the decree upon an application addressed mainly to its discretion.

3. If the complainant desired to place the case in a position where the action of the court below could be reviewed here, he should have filed his bill of review, and supported it by depositions. Such a bill is also the appropriate remedy where a decree has been obtained by fraud.

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