Page:Federal Reporter, 1st Series, Volume 4.djvu/626

 612 FEDEBAti BEFOBIEB. �the note instead of the full face of it, and that Green the Ries the sureties, only had a lien to that estent, and ordering a sale of the property, and an appropriation of the money upon that basis, in a suit in which the bank was a party, and from which no appeal was taken, would be conclusive. The plea is t'aerefore a good one, and the demurrer is overuled. ���Pabmbes' Nat. Bank of Poetsmotjth, Ohio, v. Hannan, Adm'r, etc.* �{Oirouit Court, D. Ohio. November 24, 1880.) �1. CONTHACT — CONBTBUCTIOIf — ACTION AT Law — SUBROGATION'.— ThO �stockholders of the Boone Mining & Manufaoturing Company entered into thefoUowingagreement: "We * * hereby mutually agree with each other that they will each be responsible in mutual degree for ail paper negotiàted hy the agent of the company for the use and beneflt of the company; and should any paper so negotiàted by the agent with the individual indorsement of one member be unprotected by the officiai agent by reason of want of funds, tlien, iu suoh case, the parties to this agreement be each and severally bound for the payment of such paper in mutual proportions; and this agree- ment shall continue in force until the payment of ail such claims have been made." In an action upon this contract by the holder of the paper of such company, indorsed by one of the parties to said agree- ment, against another one of the parties to said agreement, (both the corporation and the indorser being insolvent,) Jield, that this agree- ment was a contract between the shareholders, and that a holder of the paper of the company could not maintain an action at law against the parties thereto. Hia remedy was by a suit in equity to be substi- tuted to the rights of the indorser. �2. PiBADiNG — Bill m Chancert— Action at Law.— What allegations �and circumatances show the petition to be for an action at law, and not a bill in chancery, decided. �On demurrer to the amended petition. The facts appear in the opinion. �Coppock e Coppock anà. Stcdh a Kittredge, for plaintiff. E. A. Guthrie, for defendant. �•Beported by Messrs. Florien Qiauque and J. 0. Harper, of the Cinoîa- nati bar. ����