Wise v. Citizens National Bank at Brownwood
Texas Court of Appeals
107 S.W.2d 715 (1937)
- Written by Robert Cane, JD
Facts
In June 1934, Citizens National Bank at Brownwood (Citizens) (defendant) was organized to purchase Citizens National Bank in Brownwood. Citizens National Bank in Brownwood had closed and was in the hands of a conservator. Wise (plaintiff) agreed to work for Citizens for the period from July 1934 to September 1934. In June 1934, Wise and the board of directors of Citizens agreed to an employment contract with a salary of $300 per month for Wise to serve as vice president of Citizens. During the time Wise was serving as vice president, Citizens’ application for a certificate of authorization to conduct bank business was pending before the United States Office of the Comptroller of the Currency. The comptroller issued a certificate of authority to Citizens on September 28, 1934. Citizens failed to pay Wise his salary under the employment contract. Wise sued. The trial court found that, under the National Bank Act, the employment contract for Wise was ultra vires, i.e., outside of Citizens lawful authority, so the contract was void. Wise appealed.
Rule of Law
Issue
Holding and Reasoning (Baugh, J.)
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