Federal Reserve Bank v. Fant

The opinion of the Court was delivered by

Mr. Chief Justice Watts.

On December 13, 1926, the Federal Reserve Bank of Richmond sent to the South Carolina Loan & Trust Company a letter containing checks drawn upon the latter 'bank and likewise a letter containing checks drawn upon the South Carolina Loan & Trust Company’s Bank (a subsidiary bank of the South Carolina Loan & Trust Company). These letters were received on December 15th and the amounts of the checks were charged to the accounts of the various drawers on that day in both banks, and in settlement thereof the South Carolina Loan &…