Samuel Blatchford

“ The statutes of the United States are explicit as to the necessary ownership of stock in a national bank by a director thereof, and as to his taking an oath to that effect, and as to the keeping by the cashier of a correct list of the shareholders, and of the number of shares each of them holds; and it cannot be held, with any safety to the interests of the public and of those who deal with national banks, that a director, who also is vice-president and acts as cashier, can shield himself from liability by alleging ignorance of what appears by the books of which he was charege. ”

“ No general rule can be laid down as to what will constitute, in any particular case, an acceptance of the transfer of stock or the equivalent thereof, in a case where the transferee is in fact ignorant of the fact of transfer; but each case must be decided on its own facts. In the present case the defendant testifies that on the 2d of January, 1884, when he was informed of the 25 per cent. dividend, and of the transfer to his credit of $1,250 thereof, he at once repudiated the transaction, and ordered De Walt to transfer the 50 shares to his own name without delay. ”

“ But this was of no more effect than his drawing his check for the $1,250 to the order of De Walt individually, and handing it to De Walt. The defendant, as vice-president and acting cashier of the bank, had the power himself to transfer the 40 shares back to McNany, and the 10 shares back to De Walt. He did not do so; but, knowing that the 50 shares had been transferred to his credit and stood in his name upon the books, he suffered the matter to remain in that shape for 20 days, until the doors of the bank were closed. ”