A Treatise On the Law Relating to Banks And Banking : With An Appendix Containing the National Banking Act of June 3, 1864, And Amendments Thereto
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The same neces- sity does not exist here, and the bank accordingly refuses altogether to assume gratuitously a task of such dangerous responsibility. Accordingly if the cashier undertakes to answer such interrogatories, his act is wholly beyond the scope of any authority given him by the bank, and ought to be known by all persons to be so. The declaration is impotent to conclude the bank. Practically if it were allowed binding force it would amount to allowing the cashier to give a valid promis...e on behalf of the bank to pay what the bank does not in fact owe : a power which even the directors could rightfully exercise only in ex- traordinary cases if ever. The difference between a payment actually made, though by mistake, and an executory agreement to pay, or acknowledgment of the sufficiency of the order calling for payment made under the sametmistake, is certainly wide enough to admit of this corresponding differencein the respec- tive validity of the two acts.^ In the case of the Franklin Bank v.
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To quickly assess the difficulty of the text, read a short excerpt:
The same neces- sity does not exist here, and the bank accordingly refuses altogether to assume gratuitously a task of such dangerous responsibility. Accordingly if the cashier undertakes to answer such interrogatories, his act is wholly beyond the scope of any authority given him by the bank, and ought to be known by all persons to be so. The declaration is impotent to conclude the bank. Practically if it were allowed binding force it would amount to allowing the cashier to give a valid promis...e on behalf of the bank to pay what the bank does not in fact owe : a power which even the directors could rightfully exercise only in ex- traordinary cases if ever. The difference between a payment actually made, though by mistake, and an executory agreement to pay, or acknowledgment of the sufficiency of the order calling for payment made under the sametmistake, is certainly wide enough to admit of this corresponding differencein the respec- tive validity of the two acts.^ In the case of the Franklin Bank v.
What to read after A Treatise On the Law Relating to Banks And Banking : With An Appendix Containing the National Banking Act of June 3, 1864, And Amendments Thereto?
You can find similar books in the "Read Also" column, or choose other free books by Morse, John Torrey, 1840-1937 to read onlineMoreLess
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