Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Law
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 …
Failed Banks, Collection Items, And Trust Preferences, George Gleason Bogert
Failed Banks, Collection Items, And Trust Preferences, George Gleason Bogert
Michigan Law Review
About 1,200 banks failed in the United States during the year 1930, and failures for the years 1921-1929 averaged over 600 a year. Each of these bank failures doubtless involved several problems regarding collection items. In each case it was almost inevitable that there should be found among the assets in the hands of the defunct bank several items held for collection but not yet collected, and also that a number of items should have been collected but no effective remittance made on account of such collection. There thus arose a series of controversies between the banks or individuals which …