Reports of Cases Adjudged in the Supreme Court of Pennsylvania volume 15
Reports of Cases Adjudged in the Supreme Court of Pennsylvania volume 15
Pennsylvania Supreme Court
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BANK OF NORTH AMERICA. The act of 17th of March, 1787, ena- bled the Bank of North America to have, hold, receive, purchase, pos- sess, enjoy and retain lands, rents, &c. ; and also to sell, grant, &c. , the same lands, &c. Provided that such lands and tenements should only ex- tend to such lots of ground . And con- venient buildings, &c. , as they might find convenient for carrying on the business of the bank, &c. And should actually occupy; and to such lands, &c. As might be bonajide mortgag-... ed to them. Held, that the bank might purchase absolutely lands in a distant country, which they did not occupy, though their title, like that of an alien is defeasible by the com- monwealth; and if they convey to a third person without claim by the commonwealth, such third person holds the estate defeasible in like manner. Leazure v. Hillegas. vii. 313 BANKRUPT. 1. Where the surety in a custom- house bond, has paid the debt to the United States, and the principal is afterwards discharged by the bankrupt law of 4th Ajlril, 1800, the surety is merely entitled to fire- ference out of the estate of the bank- rupt, and cannot resort to an action against him for the recovery of the money.
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