American Legion v. Spurway

Fifth Circuit

American Legion v. Spurway

69 F.2d 222, 1934 U.S. App. LEXIS 3493

CourtCourt of Appeals for the Fifth Circuit

DecidedFebruary 20, 1934

DocketNo. 7213

StatusPublished

This text of 69 F.2d 222 (American Legion v. Spurway) is published on Counsel Stack Legal Research, covering Court of Appeals for the Fifth Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

American Legion v. Spurway, 69 F.2d 222, 1934 U.S. App. LEXIS 3493 (5th Cir. 1934).

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Opinion

HUTCHESON, Circuit Judge.

Upon the failure of the City National Bank in Miami, its receiver brought this suit to recover Liberty bonds which that bank had pledged to secure deposits with it of the American Legion. From a decree for the receiver, the Legion appeals, urging that the deposits should be treated as a loan and the pledge held valid.

Deposits are not loans. Pledges to secure them are invalid. The decree was right. Texas & Pacific R. Co. v. Pottorff (C. C. A.) 63 F.(2d) 1, 2, affirmed 54 S. Ct. 416, 78 L. Ed.-; Illinois Central R. Co. v. Rawlings (C. C. A.) 66 F.(2d) 146.

The decree is affirmed.

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HUTCHESON, Circuit Judge.

Upon the failure of the City National Bank in Miami, its receiver brought this suit to recover Liberty bonds which that bank had pledged to secure deposits with it of the American Legion. From a decree for the receiver, the Legion appeals, urging that the deposits should be treated as a loan and the pledge held valid.

Deposits are not loans. Pledges to secure them are invalid. The decree was right. Texas & Pacific R. Co. v. Pottorff (C. C. A.) 63 F.(2d) 1, 2, affirmed 54 S. Ct. 416, 78 L. Ed.-; Illinois Central R. Co. v. Rawlings (C. C. A.) 66 F.(2d) 146.

The decree is affirmed.

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69 F.2d 222, 1934 U.S. App. LEXIS 3493, Counsel Stack Legal Research, https://law.counselstack.com/opinion/american-legion-v-spurway-ca5-1934.

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