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Rankin v. City National Bank, 208 U.S. 541 (1908)
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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.
Rankin v. City National Bank, 208 U.S. 541 (1908)
Rankin v. City National Bank No. 51 Argued November 12, 13, 1907 Decided February 24, 1908 208 U.S. 541
ERROR TO THE CIRCUIT COURT OF
APPEALS FOR THE EIGHTH CIRCUIT
Syllabus
In a transaction between two banks, the president of one gave his personal note to the other, accompanied by an agreement of his bank, signed by himself as president, that the proceeds of the note should be placed to the credit of his bank by, and remain with, the discounting bank until the note was paid; while there were certain transfers of checks between him and his own bank, the record did not show that the maker of the note personally received the proceeds thereof, and no contention was made that the agreement was illegal. Held that:
Under the circumstances of this case, the discounting bank was entitled to hold the proceeds of the note, as represented by the credit given on its books therefor, as collateral security for the payment of the note and to charge the note against such credit, and relieve itself from further responsibility therefor.
The receiver of a bank stands in no better position than the bank stood as a going concern.
144 F. 587 affirmed.
The facts are stated in the opinion.
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Chicago: U.S. Supreme Court, "Syllabus," Rankin v. City National Bank, 208 U.S. 541 (1908) in 208 U.S. 541 Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=TCGIFYQ2HMX85Q8.
MLA: U.S. Supreme Court. "Syllabus." Rankin v. City National Bank, 208 U.S. 541 (1908), in 208 U.S. 541, Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=TCGIFYQ2HMX85Q8.
Harvard: U.S. Supreme Court, 'Syllabus' in Rankin v. City National Bank, 208 U.S. 541 (1908). cited in 1908, 208 U.S. 541. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=TCGIFYQ2HMX85Q8.
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