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TEXAS & PACIFIC RY. v. POTTORFF

No. 128.

291 U.S. 245 (1934)

54 S.Ct. 416

78 L.Ed. 777

TEXAS & PACIFIC RAILWAY CO. v. POTTORFF, RECEIVER.

Supreme Court of United States.

Decided February 5, 1934.

Attorney(s) appearing for the Case

Mr. M.E. Clinton, with whom Messrs. Del W. Harrington and T.D. Gresham were on the brief, for petitioner.

Messrs. Henry E. Hackney and Thornton Hardie, with whom Messrs. Ben R. Howell, F.G. Awalt, and George P. Barse were on the brief, for respondent.

By leave of Court, Messrs. Charles N. Burch and Edward W. Smith filed a brief on behalf of the Illinois Central Railroad Co., as amicus curiae.

MR. JUSTICE BRANDEIS delivered the opinion of the Court.

The main question for decision is whether a national bank has power to pledge a part of its assets to secure a private deposit.

The First National Bank of El Paso, Texas, failed on September 4, 1931, and S.O. Pottorff was appointed receiver. The Texas & Pacific Railway Company was then, and long had been, a depositor. To secure it as such the bank had, in January, 1931, pledged $50,000 Liberty Bonds...

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