Blades v. Hood Ex Rel. Savings Bank & Trust Co. of Elizabeth City

On 22 January, 1932, the Congress of the United States approved “An act to provide emergency financing facilities for financial institutions, to aid in financing agriculture, commerce and industry, and for other purposes.” The act created a body corporate under the name of “Reconstruction Finance Corporation,” upon which it conferred power to make loans to banks, including loans secured by the assets of any bank that is closed or in process of liquidation, and to aid in such liquidation upon application of the receiver or liquidating agent. All loans must be adequately secured, and the…