Case ID: f-cas_21/html/0723-02.html
Source: Caselaw Access Project
Author: {"author": "THE COURT", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

Case No. 12,475.
    SCHOLFIELD et al. v. UNION BANK.
    [2 Cranch. C. C. 115.] 
    
    Circuit Court, District of Columbia.
    Nov. Term, 1815.
    Banks — Stockholders—Election of Dihectoks —Who mat Vote.
    A stockholder of a bank, who has pledged his stock to the bank as collateral security for the payment of his notes not yet due, has a right to vote as a stockholder at an election of directors.
    [Cited in Clarke v. Central Railroad & Banking Co., 50 Fed. 343.]
    [Cited in Hoppin v. Buffum, 9 R. I. 515.]
    An injunction liad been granted to stay the election of directors of the Union Bank of Alexandria, upon the refusal of the committee of election to permit those stockholders to vote whose stock was pledged to the bank as collateral security for notes not yet payable.
   THE COURT

confirmed the principle upon which the injunction was granted.