Noble State Bank v. Haskell
Supreme Court of the United States
ERROR TO THE SUPREME COURT OF THE STATE OF OKLAHOMA. The facts, which involve the constitutionality of the Oklahoma Bank Depositors’ Guaranty Fund Acts, are stated in the opinion. The Oklahoma Depositors’ Guaranty Fund Act is unconstitutional. The assessment is compulsory, not voluntary. It is. entirely unlimited and may take all of the assets of the bank. It does not operate simply upon banks chartered or re-chartered after its passage, but upon all banks both old and new.
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ERROR TO THE SUPREME COURT OF THE STATE OF OKLAHOMA. The facts, which involve the constitutionality of the Oklahoma Bank Depositors’ Guaranty Fund Acts, are stated in the opinion. The Oklahoma Depositors’ Guaranty Fund Act is unconstitutional. The assessment is compulsory, not voluntary. It is. entirely unlimited and may take all of the assets of the bank. It does not operate simply upon banks chartered or re-chartered after its passage, but upon all banks both old and new. The fund raised is not applied to any governmental purpóse, but is donated to private citizens who happen to be…
1Opinion of the CourtJustice Holmes
This is a proceeding against the Governor of the State of Oklahoma and other officials who constitute the State Banking Board, to prevent them from levying and collecting an assessment from the plaintiff under an act approved December 17, 1907. This act creates the Board and directs it to levy upon every bank existing under the laws of the State an assessment of one per cent of the bank’s average'daily deposits, with certain deductions, for the purpose of creating a Depositors’ Guaranty Fund. There are provisos for keeping up the fund, and by an act passed March 11, 1909, since the suit was…
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