No. 246.

309 U.S. 190 (1940)


Supreme Court of United States.

Decided February 12, 1940.

Attorney(s) appearing for the Case

Mr. George P. Barse, with whom Messrs. Brenton K. Fisk, Andrew J. Aldridge, James Louis Robertson, and David B. Hexter were on the brief, for petitioner.

Mr. David Stoneman, with whom Mr. Thomas H. Mahoney was on the brief, for respondent.

MR. JUSTICE STONE delivered the opinion of the Court.

The question to be decided is whether a receiver of a national bank may compel payment of a promissory note knowingly given to the bank by one of its directors as a substitute, among its assets, for shares of its own stock illegally purchased and retained by the bank but with the understanding that it was to retain its interest in the stock and that the note was not to...

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