The organization and incorporation of banking institutions

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Reference no: EM132273792

Briefly summarize the case and describe what the specifics of the issue was and how it was resolved.

The legislature of the state of Iowa passed a law providing for the organization and incorporation of banking institutions. Under and by virtue of this law certain persons organised and incorporated under the name of the Iowa City State Bank. Having complied with all the requirements of the law the banking institution began business. In the course of its business it made a loan of $1,500 to Mr. Reinch, who gave his promissory note to the bank for that amount. A few months later the Supreme Court of the state of Iowa declared that the law, above mentioned, was void, because it was irregularly passed by the legislature.

Thereafter, the promissory note, above mentioned, fell due and Mr. Reinch failed to satisfy the obligation. The Iowa City State Bank, thereupon, brought suit against Mr. Reinch. He contended that the bank could not sue because it was neither a corporation de jure nor a corporation de facto.

Reference no: EM132273792

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