CHANROBLES VIRTUAL LAW LIBRARY
US LAWS, STATUTES and CODES : Chan Robles Virtual Law Library USA Supreme Court Decisions | Resolutions : Chan Robles Virtual Law Library

ChanRobles™ Virtual Law Library™ | chanrobles.com™   
Main Index Repository of Laws, Statutes and Codes Latest Philippine Supreme Court Decisions Chan Robles Virtual Law Library Latest Legal Updates Philippine Legal Resources Significant Philippine Legal Resources Worldwide Legal Resources Philippine Supreme Court Decisions United States Legal Resources United States Supreme Court Jurisprudence ChanRobles LawTube - Social Network

ChanRobles Internet Bar Review : www.chanroblesbar.com DebtKollect Company, Inc. - Debt Collection Firm Intellectual Property Division - Chan Robles Law Firm

Philippine Supreme Court DecisionsChanRobles On-Line Bar Review

google search for chanrobles.comSearch for www.chanrobles.com


AWOTIN V. ATLAS EXCHANGE NATIONAL BANK, 295 U. S. 209 (1935)

Subscribe to Cases that cite 295 U. S. 209 RSS feed for this section

U.S. Supreme Court

Awotin v. Atlas Exchange National Bank, 295 U.S. 209 (1935)

Awotin v. Atlas Exchange National Bank of Chicago

No. 661

Argued April 10, 1935

Decided April 29, 1935

295 U.S. 209

Syllabus

1. Rev.Stats., § 5136, as amended, in providing that buying and selling of bonds, notes or debentures, commonly known as investment securities, by national banks shall be limited to buying and selling "without recourse," forbids not only the assumption of liability by technical endorsement of the securities sold, but also by any form of agreement, such as a contract to repurchase them at maturity for the price paid the bank with accrued interest, by which the bank undertakes to save its purchaser from loss incurred by reason of his purchase. P. 295 U. S. 211.

2. One who buys securities from a national bank accompanied by the bank's undertaking to repurchase them at maturity for the amount of the purchase price plus accrued interest, is charged with knowledge of the statutory prohibition against such agreements (R.S. . § 5136, as amended), and may neither hold the bank to the forbidden contract by estoppel nor recover the purchase money upon tender of the securities to the bank. P. 295 U. S. 213.

3. The opinion of the state court whose judgment is brought here for review does not reveal whether its rejection of the contention that it is the duty of the bank to make restitution of the purchase price was rested upon a state ground or its interpretation of R.S., § 5136. But this Court has jurisdiction to review the determination of the state court that the bank's contract to purchase the securities is invalid, and to determine whether the federal statute precludes restitution of the purchase money. P. 295 U. S. 213.

275 Ill.App. 530 affirmed. chanroblesvirtualawlibrary

Page 295 U. S. 210

Certiorari, 294 U.S. 703, to review the reversal of a judgment recovered by the above named petitioner in an action against a national bank on its agreement to repurchase bonds which it had sold to him, and in general assumpsit for the money paid for them. The supreme court of the state denied leave to appeal.





Back
ChanRobles™ LawTube

google search for chanrobles.com Search for www.chanrobles.com


Supreme Court Decisions Philippine Supreme Court DecisionsUS Supreme Court Decisions



www.chanrobles.us




QUICK SEARCH

cralaw

Browse By ->> Volume


cralaw

Browse By ->> Year


cralaw

  Copyright © ChanRobles Publishing Company | Disclaimer | E-mail Restrictions
ChanRobles™ Virtual Law Library | chanrobles.com™
 
RED