Taylor v. Dorman, State Banking and SEC. Com'r

Opinion of the Court by

Sims, Commissioner—

Affirming.

The Bank of Lewisport was closed, as an insolvent institution, August 4, 1934, at which time it was a member of the Federal Deposit Insurance Corporation, which will be referred to hereinafter as the Corporation. This Corporation was created by the Federal Deposit Insurance Law enacted by Congress in 1933, 48 Stat. 162. The Act provided for the Corporation to insure the depositors in member banks not exceeding $2,500 per depositor, (by a subsequent amendment this was raised to $5,000), in consideration of a premium based upon a per cent of…