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Taylor v. Bruen

6 Sarat. Ch. Sent. 76 Court N.Y. Ch. Decision date 1847-05-04 English

Contents

Majority

p. 76
John S. Taylor, v. Harmon Bruen et al.
W. Watson, for appellant ;
A. Taber, for respondent.

Headnote

What amounts' to an illegal officengof0fdfí cou.nt ?nt* £e-posit m this State by a fortion. C0rII0la'

Appeal from an order of the vice chancellor of the first circuit denying1 an application to dis- ! . . . _ , , . , . „ , , solve an injunction. Decided that the sixth section of the title of the revised statutes relative to unauthorized banking (1 R. S. 712) applies to foreign as well as to domestic corporations; and . : . r ’ foreign corporations1 are still prohibited from keeping any office in this state for the purpose of receiving deposits or for discounting

p. 77
notes or bills. That where such a corporation authorizes one of its officers, or an agent, to attend from time to time at certain known places for the purpose of receiving deposits, or for the purpose of discounting notes or bills with the funds of the corporation, and for its benefit, such known places of attendance are to be considered as the offices of discount and deposit of the corporation illegally kept for the purposes prohibited by the statute.

A party not bound to crimi-pate himself.

When agents of a foreign corporation personally liable forpenal ties under restraining act.

A defendant is not bound to answer or disclose any facts showing that he has been guilty of any thing for which he is liable to an indictment, or which can subject him to a penalty or forfeiture.

If a person, acting as the agent and president of a foreign corporation, carries on the business of discounting notes and bills in this state for its benefit, by attending at certain known places in the city of New York, with the funds of such corporation for that purpose, and discounting accordingly, he renders himself personally liable to the penalty prescribed by the seventh section of the title of the revised statutes relative to unauthorized banking (1 E. S. 712.)

Order appealed from reversed, and injunction dissolved, with costs.