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INLAND WATERWAYS CORP. V. YOUNG, 309 U. S. 517 (1940)

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U.S. Supreme Court

Inland Waterways Corp. v. Young, 309 U.S. 517 (1940)

Inland Waterways Corp. v. Young

No. 6

Argued October 11, 1939

Decided March 25, 1940

309 U.S. 517

Syllabus

A national bank may pledge assets to secure deposits of government funds made by governmental agencies even though the deposits may not be "public money" within § 45 of the National Bank Act. P. 309 U. S. 523.

The power is to be implied in accordance with traditional government policy and is supported by administrative practice.

69 App.D.C. 268; 100 F.2d 678, reversed.

Certiorari, 306 U.S. 626, to review the affirmance of judgments recovered by the receiver of a national bank against certain public agencies and officials. chanroblesvirtualawlibrary

Page 309 U. S. 518





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