WOODRING, SECRETARY OF WAR, ET AL.
v.
WARDELL, RECEIVER
Mr. Justice Frankfurter delivered the opinion of. the Court.
This is a companion case to Inland Waterways Corp. v. Young, ante, p. 517. The District National Bank pledged some of its assets to secure deposits made by the Secretary of War on behalf of the Panama Canal Zone. The Bank became insolvent in 1933, and the pledged assets were sold. Respondent, the Bank’s! receiver, brought this action to recover that part of the proceeds which represented an amount in excess of dividends paid to the ordinary depositors. The District Court held that the pledges were ultra vires and gave judgment for the respondent. The Court of Appeals affirmed. 69 App. D. C. 280; 100 F. 2d 690.
For the reasons stated in. Inland Waterways Corp. v. Young, ante, we are of opinion that the pledges given by the Bank were valid, and-that the .judgment below should be
Reversed.
The Chief Justice, Mr. Justice McReynolds,- and Mr. Justice Roberts,
for the reasons set forth in their dissenting opinion in Inland Waterways Corp. v. Young, ante, p. 525, dissent here.
Mr. Justice Reed and Mr. Justice Murphy took no part in the disposition of this case.
Cases With Similar Vibessemantic neighbors from the corpus
Citator
Cited By
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Fed. Deposit Ins. Corp. v. Tremaine, 133 F.2d 827 (2d Cir. 1943)…ar security. There can be no doubt that the deposits here involved were “public money,” if we follow what the Supreme Court actually decided in Inland Waterways Corporation v. Young, 309 U.S. 517, 60 S.Ct. 646, 84 L.Ed. 901 and Woodring v. Wardell, 309 U.S. 527, 60 S.Ct. 652, 84 L.Ed. 908. In the first of these cases a national bank had pledged bonds to secure three deposits: one, that of the Inland Waterways Corporation; another, that of the Fleet Corporation; the third, that of the Secretary of War on b…
Authorities Cited
- Woodring v. Justus S. Wardell, 100 F.2d 690 (D.C. Cir. 1938)