MCNAIR V. KNOTT, 302 U. S. 369 (1937)

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U.S. Supreme Court

McNair v. Knott, 302 U.S. 369 (1937)

McNair v. Knott

No. 32

Argued November 10, 11, 1937

Decided December 13, 1937

302 U.S. 369


1. The Enabling Amendment of June 25, 1930, provides that any National Bank Association

"may, upon the deposit with it of public money of a State or any political subdivision thereof, give security for the safekeeping and prompt payment of the money on deposited, of the same kind as is authorized by the law of the State in which such association is located in the case of other banking institutions in the State."

Held applicable by intention to security given and deposits made before the date of the amendment. P. 302 U. S. 371.

2. Thus, construed retroactively, the amendment was within the power of Congress. P. 302 U. S. 372.

87 F.2d 817 affirmed.

Certiorari, 301 U.S. 677, to review the affirmance of a decree dismissing a bill by the receiver of a national bank praying for the cancellation of a pledge agreement made by the bank.