Basen v. Clinton Trust Co.

The opinion of the court was delivered by

Lloyd, J.

In reviewing the proceedings in this case we find it necessary to deal only with the question of estoppel.

The bank defendant was one of the large number of financial institutions caught in the panic of March, 1933. The trust company, a member of the federal reserve system, was closed under the bank holiday order issued by the president on March 6th and was unable to reopen its doors under the terms of an executive order of the president subsequently made in pursuance of an act of congress hastily passed to meet the emergency and prescribing…