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Merchants National Bank v. Wehrmann, 202 U.S. 295 (1906)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Merchants National Bank v. Wehrmann, 202 U.S. 295 (1906)
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Merchants National Bank v. Wehrmann No. 256 Argued April 26, 1906 Decided May 14, 1906 202 U.S. 295
ERROR TO THE SUPREME COURT
OF THE STATE OF OHIO
Syllabus
Where a national bank sued for debts of a partnership, shares of which it had taken as security and afterwards acquired in payment of the debt, sets up at every stage of the suit its intention of relying on the bankruptcy law of the United States, it cannot be required in the first instance to anticipate the specific and qualified form in which the immunity finally was denied, and if in addition thereto there is a certificate of the state court to the effect that it was material to consider the question of the bank’s power under the banking law to become liable for the debt and that the decision was against the bank, this Court has power on writ of error to review the judgment.
While a national bank may take by way of security property in which it is not authorized to invest, and may become the owner thereof by foreclosure in satisfaction of the debt, but, without deciding whether it could take share in a partnership formed for purely speculative purposes as security, it cannot, even in satisfaction of a debt so secured, become the absolute owner of such shares. It would be ultra vires, and, as it cannot take the shares, it is not and cannot be held liable for any of the debts of the firm.
The facts are stated in the opinion.
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Chicago: U.S. Supreme Court, "Syllabus," Merchants National Bank v. Wehrmann, 202 U.S. 295 (1906) in 202 U.S. 295 202 U.S. 296–202 U.S. 298. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=37I34L9ALT9I9W4.
MLA: U.S. Supreme Court. "Syllabus." Merchants National Bank v. Wehrmann, 202 U.S. 295 (1906), in 202 U.S. 295, pp. 202 U.S. 296–202 U.S. 298. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=37I34L9ALT9I9W4.
Harvard: U.S. Supreme Court, 'Syllabus' in Merchants National Bank v. Wehrmann, 202 U.S. 295 (1906). cited in 1906, 202 U.S. 295, pp.202 U.S. 296–202 U.S. 298. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=37I34L9ALT9I9W4.
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