Legal Opinion
First State Bank & Trust Co. Ex Rel. Benson v. First National Bank
Supreme Court of Minnesota
Decided February 1, 1935No. 30,283PublishedCited by 3 opinions
1Opinion of the Court
Loring, Justice.
In a suit to recover possession of pledged assets and to restrain their sale, the trial court sustained a demurrer to the answer, and the defendant has appealed from the order.
The question presented is whether a contract is valid by which a bank in failing circumstances but not alleged to be insolvent pledges its assets to secure an obligation to another bank which undertakes to pay all of its liabilities.
In December, 1930, the First State Bank and Trust Company of Rochester was financially embarrassed, although there is no allegation in the pleadings that it was insolvent. In…
2Cases cited9 opinions
- Wyman v. WallaceSupreme Court of the United States · 1906
- Hightower v. American National Bank of MacOnSupreme Court of the United States · 1923
- Harris v. BriggsCourt of Appeals for the Eighth Circuit · 1920
- American State Bank v. JonesSupreme Court of Minnesota · 1931
- American Nat. Bank of Macon v. Commercial Nat. Bank of MaconCourt of Appeals for the Fifth Circuit · 1918
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3Cited by3 opinions
- First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1937
- Aichele Bros. Inc. v. SkoglundSupreme Court of Minnesota · 1935
- First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1937