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City of Marion v. Sneeden, 291 U.S. 262 (1934)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
City of Marion v. Sneeden, 291 U.S. 262 (1934)
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City of Marion v. Sneeden No. 400 Argued December 7, 8, 1933 Decided February 5, 1934 291 U.S. 262
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SEVENTH CIRCUIT
Syllabus
1. Under the national banking laws, a national bank has no power to pledge its assets to secure a deposit of public money of a state, or of a subdivision of a state, unless it is located in a state in which state banks are so authorized. Act of June 25, 1930. P. 268.
2. The State of Illinois has not conferred upon its banks the power to pledge assets to secure deposits of political subdivisions of the state. P. 269.
3. Where a national bank, before becoming insolvent, made an ultra vires pledge of bonds to secure a deposit, its receiver was entitled to recover them unconditionally for the benefit of the general creditors of the bank. Texas & Pacific Ry. Co. v. Pottorff, ante, p. 245. P. 272.
64 F.2d 721 affirmed.
Certiorari, 290 U.S. 617, to review a decree which reversed a decree of the District Court, 58 F.2d 341, dismissing a bill brought by the receiver of an insolvent national bank to obtain possession of bonds which the bank had pledged as collateral security for a deposit of public moneys by a city.
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Chicago: U.S. Supreme Court, "Syllabus," City of Marion v. Sneeden, 291 U.S. 262 (1934) in 291 U.S. 262 291 U.S. 266. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=CPZKY8PLVLKN5I6.
MLA: U.S. Supreme Court. "Syllabus." City of Marion v. Sneeden, 291 U.S. 262 (1934), in 291 U.S. 262, page 291 U.S. 266. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=CPZKY8PLVLKN5I6.
Harvard: U.S. Supreme Court, 'Syllabus' in City of Marion v. Sneeden, 291 U.S. 262 (1934). cited in 1934, 291 U.S. 262, pp.291 U.S. 266. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=CPZKY8PLVLKN5I6.
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