Kullman & Co. v. Woolley
Court of Appeals for the Fifth Circuit
1Opinion of the Court
SIBLEY, Circuit Judge.
This appeal questions whether certain payments made to a general depositor by a national bank while on a “restricted basis” during the “banking holidays” of March, 1933, are void as preferences under 12 U.S.C.A. § 91. The receiver of the Britton & Koontz National Bank of Natchez, Miss., has obtained a decree for the recovery of such payments from its depositor, Kullman & Co., a corporation, and the latter appeals.
The main facts are undisputed. The bank in November, 1932, had been required by the Comptroller to obtain $100,-000 of new capital. On March 2, 1933, its…
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