44 Md. 349 | Md. | 1876
delivered the opinion of the Court.
The questions presented by some of the prayers, as to the organization of the Merchants’ National Bank of
The 12th section of the National Banking Act provides for the personal liability of stockholders of national banks for the debts of the corporation, in proportion to the amount of stock held by them, and enacts that every person, becoming a shareholder by transfer, shall succeed to all the rights and liabilities of the prior holder of such shares. After a careful examination of the authorities, cited in the argument, we are of opinion that persons, who hold stock in pledge, the certificates of which stand on the books of the
In this case, it was part of the original contract between Bayne & Co. and the appellees, that the latter should sell the stock upon the failure of the former to repay the loan upon call, and the sale to Colston was only in execution of it. These facts are very similar to those in the case of the Holyoke Bank vs. Burnham, and the justice and reason of the principle applied in that case commend themselves to our approval, and we think it ought to be applied to this, and' so applying it we find no error in the rulings of the Court below.
Judgment affirmed.