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LOGAN COUNTY NATIONAL BANK V. TOWNSEND, 139 U. S. 67 (1891)
U.S. Supreme Court
Logan County National Bank v. Townsend, 139 U.S. 67 (1891)
Logan County National Bank v. Townsend
Submitted January 22, 1891
Decided March 2, 1891
139 U.S. 67
ERROR TO THE COURT OF APPEALS
OF THE STATE OF KENTUCKY
T. sold to a national bank, for sixty-eight cents on the dollar, $12,800 of the bonds of a municipal corporation issued in aid of a railroad under an agreement that the bank would, upon demand, replace them to him at the same or a less price. Subsequently he demanded compliance with this agreement, but the bank refused. In an action brought against the bank in a state court to recover the difference between the amount it paid for the bonds, and their value at the time they were demanded, the defense in part was that the bank had no authority, under its charter and the National Banking Act, to make the alleged agreement and purchase, and, by reason of such want of authority, could not be held liable to the plaintiff in any amount or upon any ground whatever. This defense was overruled in the state courts of original and appellate jurisdiction.
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