References are to pages.

STOCKHOLDERS (continued) —
transfer of shares (continued) -
unrecorded transfers. 85-89.

transfer after levy, 87.

-

unrecorded transfer as against levy without notice, 86.
transfer without delivery of certificate, 89.

under order of court, 88, 89.

lien on shares by bank, see LIEN.

transfers prohibited by law, 92.

right to inspect books, 93.

by agreement, 92.

whether valid, 93.

prohibition in articles, 92.

cannot be prohibited by by-laws, 92.
voting trust for stock, 93.

state statute governs national banks, 93.

estoppel creating. 82.

those who allow themselves to be held out as, 82.
cashier holding stock not personally liable, 83, note 5.
receiving dividends, 82.

acting as stockholders, 82.

holders of improperly issued stock. 83.

executors, guardians, administrators and trustees not personally lia-

ble, 83.

liable only by estoppel, 84.

estate liable. 84.

not liable after distribution, 84.

executor's failure to transfer to himself, 84, note 6.

statutory liability for debts, 93.

applies only to banking part of business, 94.
sometimes for deposits alone, 94.

stockholders who are liable, 94, 103, 104.

it is a quasi-contract, 98, notes 1 and 3.

mistakenly held to be a contract, 20, 99.

whether attachment lies upon it, 99.

not penal, is enforced in another state, 100.

includes all claims except torts or judgments for torts, 100.
special remedy not enforced in another state, 100.

liability sometimes held to be penal, 100.

may be imposed after bank formed, 100.

statutes, how construed, 101.

nature of liability, 101.

is single, can be enforced but once, 113.
creditor may waive it. 101.

may be created by estoppel, 101.

but not by by-law or form of certificate, 101.

whether joint or several, 101-103.

not that of partners, 102.

survives against personal representative, 597.

who may enforce, whether creditor or receiver, 103, 582, 583..
remedy when at law, 104-107.

in case of national banks, 107, 110.

voluntary assessment, 591, 688.
remedy when in equity, 108, 109.
no set-off to this liability, 108, 113.
exceptions, 109, 113.

receiver cannot compound, 113.
court may permit it, 113.

statutory liability for debts (continued) —

proof of insolvency, 113.

when barred, 114.

interest upon liability, 114.

jurisdiction of suits as to national banks, see JURISDICTION.
for dividends, see DIVIDENDS.

for stockholders in savings banks, see SAVINGS BANKS.

-

SUBORDINATE OFFICERS (see CLERKS; TELLERS) —
liability of officer for subordinates, 121.

SUMMARY REMEDY-

of banks, 619.

SURETIES-

whether entitled to have bank apply deposits, see DEPOSITS.
drawer and indorser, when discharged by time to acceptor, see Ac-

CEPTANCE.

statutory liability of stockholders not that of sureties, 101.
subrogated to bank's lien, 90.

survival of officers' liability, see OFFICERS.

of stockholders' liability, 597. See STOCKHOLDERS.

not included in statutory liability for debts, see STOCKHOLDERS.
by officer against creditor, see OFFICERS.

TRANSFER OF SHARES (see STOCKHOLDERS).

TREASURER OF SAVINGS BANK (see SAVINGS BANKS).

TRUST COMPANY —

as bank, 26.

receiving deposits not a bank (wrongly held), 32.

bank with trust powers as to constitutional restriction, 41, note 4.
as a trustee, effect upon assets in insolvency, 606-608.

is not a bank when paper is made payable at any bank in city, 442,
note 3.

no priority of one trust claimant over another, 607.

trust claimant's priority over general creditors, 607.

TRUST FUNDS —

as a deposit, 215-220.

as a priority, 600, 602.

if trust funds come into bank rightfully and bank pays wrongfully,
beneficiary is a general creditor, 603, note 10.

References are to pages.

TRUST FUNDS (continued) -

wrongfully to bank's knowledge, there is a priority, 603–609.
common-law trusts creating special deposits, 205.

proceeds of collections as a trust, 609-614.

deposits in insolvent bank as a trust, 614, 615.
public funds as a trust, 616, 617.

declaration of trust in deposit, 642.

TRUSTEE-

may sue for deposit without joining beneficiary, 289.
power over trust deposits, 215-220.

liability upon stock, 83, 84.

bank as a trustee, 606-608.

no priority of one trust claimant over another, 607.

illegal limited partnership or joint-stock company becomes general
partnership, 56.

if authorized where formed, their acts are valid everywhere, 57.
private banking declared unlawful creates no contract, 55.

if contract not illegal where made, it is legal everywhere, 57.
unless forbidden by public policy, 57.

when recovery on illegal contract may be had, 55.

money deposited for illegal certificate recoverable as a loan, 279.
parties not in pari delicto, 55.

penalty on one and not on other, 55.

illegal corporations, corporators suable as partners. 56, note 7, 58, 59.
contract illegal where to be performed, illegal everywhere, 57.
corporation under unconstitutional law cannot contract, 58.
corporators suable as partners, 58.

de facto corporations are corporations except as to state, 59.
unless act not done a condition precedent, 59.

illegal loans may be recovered, 56, note 11, 57, 60, 327, 341.

banking act forbidden by express rule of law, not a contract, 60, 62.
cannot be ratified or made basis of estoppel, 60, 62.

conflict of laws as to private banking, 56, 57.

banking act forbidden, recovery is in quasi-contract, 60, 62.

ultra vires acts, meaning of term, 61. 65, note 12.

not acts done in violation of express rules of law, 61.
may be enforced as contracts, 62, 66.

differ from illegal acts, 63, 66.

acts of agent may be ratified, 63, 66. See RATIFICATION.
national bank's real-estate security enforceable, 64.

forbidden loan to director recoverable, 62, note 3.

but rule different as to national bank's purchase of stock, 64, 65,
66.

rule to follow as to ultra vires acts sued upon, 67.
presumption that all acts of bank are intra vires, 68.
usurious transactions as unlawful banking, see INTEREST.

USAGES (see CUSTOMS).

USURY (see INTEREST).

References are to pages.

V.

VICE-PRESIDENT-

has powers of president when president not acting, 151.

WAIVER

W.

of acceptance, see ACCEPTANCE.

of forfeiture by state, see DISSOLUTION; FORFEITURE

of statutory liability by creditor, 101.

of bank's negligence by holder, 309.

of savings bank's right to claim notice, 649.

laches as a waiver, see LACHES.

of demand and notice, 525-545.

acceptance waived does not waive demand and notice, 526.
must be made by party to be charged or his agent, 527.
by person sui generis, 527.

partner may waive for his firm after dissolution, 527.
agent to make, 527, 540.

express authority by ratification, 527.

implied authority to agent, 527.

must be given to holder or to some one for holder, 528.
made to maker, whether inures to holder, 528.

made to one about to become holder, 528.

express waiver in writing, 529.

form of, 529.

modified by parol, 529.

construction of, 530.

implied waiver by extension of time, 530, 534. 535.

whether blank regular indorsement may be shown waiver by
parol, 531, 532, 533.

blank regular indorsement may be, 532, 533, 534.

parol waivers legal except where forbidden by statute, 532, 534.
at time of regular indorsement, 532, 533.

at time of irregular indorsement, 533, 534.
after indorsement, 534.

by conduct, 534.

promise to pay before maturity, 535–537.
parol promise at time of indorsement, 535.
after indorsement, 535.

promise express or implied, 536.

is binding if acted upon, 536.

promise to pay with extension granted, 537.

promise must be unqualified, 537, 544, 545.

indemnity as waiver, 538, 539.

waiver after maturity, when enforceable, 539, 540.

promise to pay after maturity, 540-542.

must be with full knowledge of release, 541.

burden upon indorser to show lack of knowledge, 542.

new promise must be to party to paper, 542.

partial payment after maturity, 542, 543.

must be with knowledge, 543.

presumptive proof of demand and notice, 543.
absolute if with knowledge, 543.

unconditional acknowledgment of liability with knowledge, 543, 544,

545.

by one joint contractor binds all, 542.

giving of security after release, 544.

acknowledgment must be unconditional, 544, 545.