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UNION BANK & TRUST v. PAY

No. 10923.

192 N.W.2d 130 (1971)

UNION BANK & TRUST, a Banking Corporation of Sioux Falls, South Dakota, Plaintiff and Appellant, v. Milton A. PAY et al., Defendants and Respondents.

Supreme Court of South Dakota.

December 2, 1971.

Attorney(s) appearing for the Case

Willy, Pruitt & Matthews, Sioux Falls, for plaintiff and appellant.

Davenport, Evans, Hurwitz & Smith by L. L. Piersol, Sioux Falls, for The First National Bank.

Boyce, Murphy, McDowell & Greenfield, Sioux Falls, for Milton A. Pay and Clifford T. Pay, Individually, d/b/a Public Finance Co., defendants and respondents.

HANSON, Judge.

The question presented on this appeal is whether or not a state member bank of the Federal Reserve System retains the benefit of a state statutory lien on bank stock owned by stockholders indebted to the bank. From an adverse decision the plaintiff Union Bank & Trust corporation appeals.

According to the stipulated facts Union Bank & Trust of Sioux Falls, South Dakota, is a state chartered bank which is also a member of the Federal Reserve...

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