Savings Bank of Danbury v. Loewe, 242 U.S. 357 (1917)

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Savings Bank of Danbury v. Loewe

No. 713

Argued December 11, 1916
Decided January 8, 1917
242 U.S. 357

ERROR TO THE CIRCUIT COURT OF APPEALS

FOR THE SECOND CIRCUIT

Syllabus

Under the statutes of Connecticut, a garnishment of deposits in an ordinary savings bank without stockholders which is subject to a fiduciary duty to hold and invest for the benefit of its depositors all funds that it receives and to pay over to them the net income beyond enough to constitute a small safety fund, Gen.Stats., §§ 3440, 3441, reaches not only the principal of the deposits, but also the dividend that accrue after service of the writ.

The lien is not affected by an assignment of the savings accounts made after the service.

236 F. 444 affirmed.

The case is stated in the opinion.