American Bank & Trust Co. v. Federal Reserve Bank of Atlanta
District Court, N.D. Georgia
In Equity. Suit by the American Bank & Trust Company and others against the Federal Reserve Bank o! Atlanta and others. Decree entered for injunction as to part only of the acts of defendant complained of.
1Opinion of the Court
BEVERLY D. EVANS, District Judge.
This case was heard by me on its merits, and after argument and due consideration I find as follows :
[1] 1. Under sections 13 and 16 of the Federal Reserve Act (Comp. St. §§ 9796, 9799), the federal reserve banks are empowered to accept any and all checks payable on presentation, when deposited with them for collection.
2. Checks thus received must be collected at par. The federal reserve banks are not permitted to accept in payment of checks deposited with them for collection an amount less than the full face value of the checks.
[2] 3. In the discharge of its…
2Cited by3 opinions
- First State Bank v. Federal Reserve BankSupreme Court of Minnesota · 1928
- American Bank & Trust Co. v. Federal Reserve Bank of AtlantaSupreme Court of the United States · 1923
- Farmers' & Merchants' Bank v. Federal Reserve BankDistrict Court, E.D. Kentucky · 1922