UNITED STATES SUPREME COURT DECISIONS ON-LINE

Under the National Banking Act, the Comptroller has discretionary power to withdraw an assessment on shareholders before it is paid, or when partly paid.

Upon the evidence, held that certain sums paid by savings banks to the receiver of a national bank in which they held shares were intended to be applied against their liabilities under the National Banking Act, to enforce which an assessment, made by the Comptroller, was then outstanding. A second assessment, exceeding the differences between their statutory liabilities and the amounts so paid, was void.

In determining the effect of certain payments made by the trustees of savings banks, the court here assumes, in the absence of contrary evidence, that it was the purpose of the trustees to act within their powers, and heeds the settled rule that, when neither debtor nor creditor has applied payments before the controversy has arisen, the courts will apply them in a manner to accomplish the ends of justice.

218 F.8d 4 affirmed.

The cases are stated in the opinion. clubjuris

Page 245 U. S. 331