Missouri Ex Rel. Burnes National Bank of St. Joseph v. Duncan

Citations

• 265 U.S. 17
• 44 S. Ct. 427
• 68 L. Ed. 881
• 1924 U.S. LEXIS 2572

Syllabus

<p>1. The Act of September 26,1918, c. 177, § 2, 40 Stat. 967, amending § 11 (k) of the Federal Reserve Act, authorizes a national bank having the permit of the Federal Reserve Board, to act as executor, if trust companies competing with it have that power by the law of the State in which the bank is located, whether the exercise of such power by the national bank is contrary to the state law or not. P. 23.</p> <p>2. The power of Congress to grant such accessory functions to national banks, to sustain them in the competition of the banking business, cannot be controlled by state laws. First National Bank v. Fellows, 244 ü. S. 416. P. 24.</p> <p>3. The authority given by the act is independent of regulations adopted by the State to secure the trust funds in the hands of its trust companies. Id.</p>