Case ID: ohio-law-abs_5/html/0200-02.html
Source: Caselaw Access Project
Author: {"author": "ROBINSON, J.", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

No. 249
    No. 19925
    Lester J. Neikirk, Exr. et al. v. The Republic Banking Co. et al.
    Error to the Court of Appeals of Seneca County.
    313. CORPORATIONS — Where Ohio bank extends credit to firm in violation of 710-122 GC. and suffers impairment of capital thereby, and examiner requires directors to make restoration, bank, as such, not entitled to further recover on items covered by payment.
   ROBINSON, J.

Where a bank, organized and incorporated under the laws of the state of Ohio, extends credit to a firm in violation of the provisions of Section 710-122, General Code, and by reason thereof suffers an impairment of its capital, and a state bank examiner requires the directors to restore such capital, and certain of the directors do restore such capital unconditionally, the bank as such is not entitled to a further recovery from any one else upon the items covered by such payment.

Judgment reversed and cause remanded.

Day, Allen, Kinkade, Jones and Matthias, JJ., concur.