Rainwater v. Fed. Reserve Bk. of St. Louis

The Little Rock Branch of the Federal Reserve Bank of St. Louis, hereinafter referred to as the Reserve Bank, filed a complaint which contained the following* allegations: The Reserve Bank is a corporation created by an act of Congress approved December 23, 1913, popularly known as the Federal Reserve Act, and among* its functions is the collection of all items payable in its district when received from member banks and other Federal Reserve banks. The People’s Bank of Ozark, Arkansas, is a corporation created under the laws of Arkansas, and was engaged in the banking business at Ozark,…