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National Bank & Loan Co. v. Petrie, 189 U.S. 423 (1903)
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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.
National Bank & Loan Co. v. Petrie, 189 U.S. 423 (1903)
National Bank & Loan Company v. Petrie No. 166 Argued and submitted February 21, 1903 Decided March 9, 1903 189 U.S. 423
ERROR TO THE SUPREME COURT
OF THE STATE OF NEW YORK
Syllabus
Where a national bank has sold certain bonds and the vendee has obtained a judgment for the purchase money in a state court on the ground that the sale was induced by false representations of the president of the bank, the judgment will not be reversed on the ground that the sale of the bonds was without the authority of the bank and was illegal and void. The fraud is prior to the sale and authorizes a rescission; nor can the bank claim that the fraud was perpetrated by an agent who did not represent it for illegal purposes. The bank must adopt the whole transaction or no part of it.
The case is stated in the opinion of the Court.
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Chicago:
U.S. Supreme Court, "Syllabus," National Bank & Loan Co. v. Petrie, 189 U.S. 423 (1903) in 189 U.S. 423 Original Sources, accessed July 8, 2025, http://www.originalsources.com/Document.aspx?DocID=4F7F8JQGQ9L5PMQ.
MLA:
U.S. Supreme Court. "Syllabus." National Bank & Loan Co. v. Petrie, 189 U.S. 423 (1903), in 189 U.S. 423, Original Sources. 8 Jul. 2025. http://www.originalsources.com/Document.aspx?DocID=4F7F8JQGQ9L5PMQ.
Harvard:
U.S. Supreme Court, 'Syllabus' in National Bank & Loan Co. v. Petrie, 189 U.S. 423 (1903). cited in 1903, 189 U.S. 423. Original Sources, retrieved 8 July 2025, from http://www.originalsources.com/Document.aspx?DocID=4F7F8JQGQ9L5PMQ.
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