Rufus Wheeler Peckham, Mercantile Bank v. Tennessee — Opinion of the Court
“ Assuming to act as a corporation by the name of the Gayoso Savings Institution of Memphis, Tenn., is by no means the same as being in fact the original corporation whose charter they purchased, and whose corporate name they took. ”
Rufus Wheeler Peckham, Mercantile Bank v. Tennessee — Opinion of the Court
“ The corporation may exist under and by virtue of the purchase of the charter at the receiver's sale, and the legislative recognition and the assumption of the state that it is a corporation, and yet not have the title to the exemption, because it is not, in fact or in law, the same corporation originally incorporated. ”
Rufus Wheeler Peckham, Mercantile Bank v. Tennessee — Opinion of the Court
“ The franchise to be a corporation is distinguished from the franchise to exercise as a corporation the banking powers named in this charter. The exemption from taxation contained in the third section of the act of 1856 was a personal privilege in favor of the corporation therein specifically referred to, and it did not pass with the sale of that charter, and there is no express or clear in tention of the law requiring that exemption to pass as a continuing franchise to the purchaser thereof. ”
