Ticonic National Bank v. Sprague, 303 U.S. 406 (1938)
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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.
Ticonic National Bank v. Sprague, 303 U.S. 406 (1938)
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Ticonic National Bank v. Sprague No. 374 Argued February 2, 3, 1938 Decided March 7, 1938 303 U.S. 406
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE FIRST CIRCUIT
Syllabus
1. As an incident to the right to recover the amount of a bank deposit, the depositor is entitled to interest as damages for the failure to pay upon demand. P. 410.
2. The obligation of a national bank to pay interest as damages for detention of a debt is not cut off by suspension of its business and appointment of a receiver. P. 410.
3. The rule that, in pro rata distribution to creditors of an insolvent national bank, interest on claims is limited to interest accrued prior to insolvency does not apply to the claim of a secured creditor against the assets covered by his lien. The secured creditor may enforce his lien against his security to satisfy both principal and interest. P. 411.
90 F.2d 641 affirmed.
Certiorari, 302 U.S. 675, to review the affirmance of a decree of the District Court, 14 F.Supp. 900, ordering the receiver of a national bank to make payment to the present respondents of a sum constituting a trust fund, with interest.
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Chicago: U.S. Supreme Court, "Syllabus," Ticonic National Bank v. Sprague, 303 U.S. 406 (1938) in 303 U.S. 406 303 U.S. 407. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=Z62QA3KUA44F33B.
MLA: U.S. Supreme Court. "Syllabus." Ticonic National Bank v. Sprague, 303 U.S. 406 (1938), in 303 U.S. 406, page 303 U.S. 407. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=Z62QA3KUA44F33B.
Harvard: U.S. Supreme Court, 'Syllabus' in Ticonic National Bank v. Sprague, 303 U.S. 406 (1938). cited in 1938, 303 U.S. 406, pp.303 U.S. 407. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=Z62QA3KUA44F33B.
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