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Yonkers v. Downey, 309 U.S. 590 (1940)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Yonkers v. Downey, 309 U.S. 590 (1940)
Yonkers v. Downey No. 542 Argued February 29, 1940 Decided April 22, 1940 * 309 U.S. 590
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
1. Concurrent findings of two lower courts accepted here, to the effect that withdrawals of deposits from a national bank were made when there was reason to believe that the bank would be unable to repay its depositors in due course, and with intent to prefer. P. 595.
2. National banks have no implied power to pledge assets as security for deposits. P. 595.
3. Rescission by a national bank of an unauthorized pledge securing deposits is not conditioned upon return of the amounts deposited. P. 595.
4. The Act of June 25, 1930, permits national banking associations to give security for deposits of public money of a State or any political subdivision thereof "of the same kind as is authorized by law of the State in which such an association is located in the case of other banking institutions in the State." Held, that such pledges are not "authorized" by the law of a State (New York) which forbids them as ultra vires, though it conditions rescission upon repayment of deposits made in reliance upon them. P. 597.
106 F.2d 69 affirmed.
Certiorari, 308 U.S. 547, to review the affirmance of recoveries by a receiver of a national bank of deposits withdrawn from it while insolvent. The case was tried to the court without a jury. 23 F.Supp. 1018.
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Chicago:
U.S. Supreme Court, "Syllabus," Yonkers v. Downey, 309 U.S. 590 (1940) in 309 U.S. 590 309 U.S. 593. Original Sources, accessed August 30, 2025, http://www.originalsources.com/Document.aspx?DocID=A9FSNJTGHQ48GWE.
MLA:
U.S. Supreme Court. "Syllabus." Yonkers v. Downey, 309 U.S. 590 (1940), in 309 U.S. 590, page 309 U.S. 593. Original Sources. 30 Aug. 2025. http://www.originalsources.com/Document.aspx?DocID=A9FSNJTGHQ48GWE.
Harvard:
U.S. Supreme Court, 'Syllabus' in Yonkers v. Downey, 309 U.S. 590 (1940). cited in 1940, 309 U.S. 590, pp.309 U.S. 593. Original Sources, retrieved 30 August 2025, from http://www.originalsources.com/Document.aspx?DocID=A9FSNJTGHQ48GWE.
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