Lantry v. Wallace’s Empirical Analysis

Citation profile

67 federal appellate · 15 district · 35 state decisions

Most-quoted passages

The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 148 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.

1. ““In view of these decisions, it cannot be held that the purchase by the bank of its own shares of stock was void. It was of course a matter of which the government by its officers could take cognizance; and it may be that it was a matter of which stockholders, having an interest in the proper administration of the affairs of the bank, could complain in a proceeding instituted by them to restrain the bank from violating the statute. But, when the violation of'the statute has occurred, it is not a matter of which a shareholder can complain .in order that he may be relieved from the liability attaching to him as k shareholder and which the receiver seeks to "enforce under the orders of the Comptroller. In the present case, Judge Thayer, delivering the opinion of the Circuit Court of Appeals, well said: ‘In considering the second'defense which was interposed by the defendant, it is important to bear, in mind that the 200 shares of shock which he purchased from the bank was not void stock, but was stock which, according to the averments of the answer, had once been issued to other persons and had been reacquired by the bank by purchasing it from such other persons to prevent them from throwing- it on the .market at ruinous prices. It is necessary to infer from the aver-ments of the answer that this stock had once passed the scrutiny of the Comptroller, and had been outstanding and had been held by other persons since the organization of the bank in the year 1891. The purchase of t”

   1 later decision quote this exact passage · from the majority
   e.g. Barron v. McKinnon

2. ““Upon the failure of the bank the rights of creditors attached and could not be affected by anything that the bank or its officers might, after such failure, have done or omitted to do. In Earle v. Pennsylvania, 178 U. S. 449, 455 ( 44 L. Ed. 1146 , 20 Sup. Ct. Rep. 915, see, also, Rose’s U. S. Notes), we held that when a national bank suspends and is placed in the hands of a receiver the entire control and administration of its assets are committed to the receiver and the comptroller, subject to whatever rights of priority, if any, may have been previously acquired by proceedings lawfully instituted against the bank before its suspension. So that the only way in which the defendant could have effectively raised the question of his liability as a shareholder, arising from frauds committed by the bank or its officers before its suspension whereby he was induced to become a shareholder, was by a suit in equity against the bank and the receiver.””

   1 later decision quote this exact passage · from the majority
   e.g. Coughlin v. State Bank

3. “He claims exemption from the responsibility attaching to him, under the statute, as a shareholder, *Page 102 upon the ground that in consequence of the frauds practiced upon him he was entitled to disaffirm, and that he had upon due notice to the receiver disaffirmed, the contract under which he purchased the stock in question. He seeks to have the certificate received by him treated as canceled. Clearly such a defense is of an equitable nature, and could not be recognized and sustained except in some proceeding to which the bank, at least, was a party. If the defendant was entitled, under the facts stated, to a rescission of his contract of purchase, and to a cancellation of his stock certificate, and consequently to be relieved from all responsibility as a shareholder of the bank, he could obtain such a relief only by a suit in equity to which the bank and the receiver were parties.”

   1 later decision quote this exact passage · from the majority
   e.g. Coughlin v. State Bank of Portland