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eBook details

• Title: Mitchell v. Banking Corporation
• Author : Supreme Court of Montana
• Release Date : January 10, 1933
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 61 KB

Description

Banks and Banking ? Insolvency ? Stockholders Liability ? Pledgee Bank not Liable as Holder of Stock ? Equitable Estoppel ? Statutes ? Amendments ? Presumption. Banks and Banking ? Insolvency ? Stockholders Liability ? Pledgee of Stock not Liable as Holder of Stock. 1. Under section 6036, Revised Codes 1921, as amended by Chapter 9, Laws of 1923, a pledgee of state bank stock may not be held liable, as the holder of the stock, for the stockholders liability on insolvency of the bank. Same ? Case at Bar. 2. A holder of stock in a state bank pledged it to a bank as collateral security for a loan. The pledgee bank forwarded the certificate evidencing the stock to the bank which issued it with the request that a new certificate be issued to the pledgee though the stock belonged to the pledgor, which was done. No entry appeared on the books of the issuing bank that the stock was being held by the pledgee bank other than as an absolute owner. Held, under the above statute, unqualifiedly exempting pledgees of state bank stock from the stockholders liability, that the trial court properly held, in an action to enforce the pledgee banks liability as holder of the stock, that it was not liable. - Page 24 Statutes and Statutory Construction ? Amendments ? Presumption. 3. Where the legislature amends an existing law, the courts will presume that it intended to make some change therein and endeavor to give some effect to the amendment. Equitable Estoppel ? What Party must be Able to Show to Invoke Estoppel. 4. To entitle a party to invoke the doctrine of estoppel in pais, or equitable estoppel, he must be able to show that in what he did he relied upon the conduct of the one sought to be estopped.

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