Reichert v. Farmers' & Workingmen's Savings Bank

[EDITORS' NOTE: THIS PAGE CONTAINS HEADNOTES. HEADNOTES ARE NOT AN OFFICIAL PRODUCT OF THE COURT, THEREFORE THEY ARE NOT DISPLAYED.] Certified questions from the Jackson circuit court arising upon petition of receiver of defendant bank for directions to govern administration of his trust.

First question: "Under section 11928, 3 Comp. Laws 1929, must the investments of the savings department of a State bank be held solely for the benefit of savings depositors?"

Answer: Yes.

The statute cited is in part:

"Any bank combining the business of a commercial bank and a savings bank, and operating an…