Peoples Savings Bank v. First National Bank

Citations

• 102 Wash. 436

Syllabus

<p>Conteacts—Validity—Unlawful Competition—Who May Question. A party cannot invoke the aid of the courts to restrain an unlawful interference with competition hy the fixing of a three per cent rate 'for savings deposits in banks, where the effect thereof would be to give such party the advantage of its equally unlawful contract fixing a four per cent rate.</p> <p>Associations—Dissolution. A voluntary clearing house association without agreement for any specified period of time, may be dissolved at any time at the will of the majority of its members.</p> <p>Banks and Banking—Injunction—Cleaning House Association —Dissolution—Poweb oe Couets. Since the violation of a contract will not be restrained where it cannot be specifically enforced, the courts will not restrain the dissolution of a voluntary clearing house association the duties of which were those of an agent and fiduciary representative of its members, involving the exercise of skilled knowledge and judgment which cannot be specifically enforced by the courts.</p>