Commonwealth v. Commissioner of Banks
Massachusetts Supreme Judicial Court
Three bills in equity, the first two filed in the Supreme Judicial Court on June 30, and the third on July 1, 1921, each against the commissioner of banks, the first seeking a decree that a debt of $40,000, admitted by the commissioner in possession under St. 1910, c. 399, § 2, of the property and business of the Prudential Trust Company, to be due to the Commonwealth in the commercial department of that bank, be preferred before all general debts of the bank except debts…
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Three bills in equity, the first two filed in the Supreme Judicial Court on June 30, and the third on July 1, 1921, each against the commissioner of banks, the first seeking a decree that a debt of $40,000, admitted by the commissioner in possession under St. 1910, c. 399, § 2, of the property and business of the Prudential Trust Company, to be due to the Commonwealth in the commercial department of that bank, be preferred before all general debts of the bank except debts due to the United States, and that the commissioner be directed to pay the indebtedness in full, with interest. In the…
1Opinion of the CourtRugg, C. J.
The defendant in these cases is in possession of the property and business of the several trust companies by virtue of the power exercised by him as commissioner of banks, under St. 1910, c. 399, § 2, G. L. c. 167, § 22. The Commonwealth, through the action of the Treasurer and Receiver General, was, at the time such possession was taken, a general depositor to large amounts in each of the trust companies. The object of these suits by the Commonwealth is to secure for itself as a preferred claimant a priority over other general creditors in the payment of the amounts of its deposits.
It is not…
2Cases cited22 opinions
- Davis v. GraySupreme Court of the United States · 1873
- Cook County National Bank v. United StatesSupreme Court of the United States · 1883
- Crocker v. Justices of the Superior CourtMassachusetts Supreme Judicial Court · 1911
- Marshall v. New YorkSupreme Court of the United States · 1920
- Kerrison v. StewartSupreme Court of the United States · 1876
17 more not listed; retrieve them via the Exa API.
3Cited by29 opinions
- Norcross v. Board of Appeal of Building DepartmentMassachusetts Supreme Judicial Court · 1926
- School Committee of the City of Lowell v. Mayor of LowellMassachusetts Supreme Judicial Court · 1928
- Cosmopolitan Trust Co. v. S. L. Agoos Tanning Co.Massachusetts Supreme Judicial Court · 1923
- Godfrey v. Building CommissionerMassachusetts Supreme Judicial Court · 1928
- Morrissey v. State Ballot Law CommissionMassachusetts Supreme Judicial Court · 1942
24 more not listed; retrieve them via the Exa API.