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Constitutional Law-Bank Guaranty Funds
Constitutional Law-Bank Guaranty Funds
Michigan Law Review
The plaintiff state bank sued to enjoin collection of special assessments under a state bank guaranty law providing for assessments on every bank to establish a fund to protect depositors in failed banks, on the ground that the statute authorizing the assessments had become void as being confiscatory. At the time suit was instituted, the assessments totaled six-tenths of one per cent of average daily deposits, but after an appeal was taken from the decision of the state court, dismissing the injunction granted by the district court, a new act reduced the assessments to two-tenths of one per cent, limited …