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INLAND WATERWAYS CORP. v. YOUNG

No. 6.

309 U.S. 517 (1940)

INLAND WATERWAYS CORP. ET AL. v. YOUNG, RECEIVER.

Supreme Court of United States.

Decided March 25, 1940.

Attorney(s) appearing for the Case

Assistant Attorney General Shea, with whom Solicitor General Jackson and Mr. Paul A. Sweeney were on the brief, for petitioners.

Messrs. Swagar Sherley and George B. Springston, with whom Messrs. Charles F. Wilson and George P. Barse were on the brief, for respondent.

MR. JUSTICE FRANKFURTER delivered the opinion of the Court.

The question before us is whether a national bank may pledge assets to secure deposits of funds made by governmental agencies, even though they may not be "public money" within the scope of § 45 of the National Banking Act, 13 Stat. 99, 113, 12 U.S.C. § 90.

The deposits in question were made with the Commercial National Bank by three separate governmental...

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