U.S. Supreme Court Shallenberger v. First State Bank of Holstein, 219 U.S. 114 (1911)
Shallenberger v. First State Bank of Holstein, Nebraska
Argued December 8, 1910
Decided January 3, 1911
219 U.S. 114
APPEAL FROM THE CIRCUIT COURT OF THE UNITED STATES
FOR THE DISTRICT OF NEBRASKA
Following, and on the authority of, Noble State Bank v. Haskell, ante, p. 219 U. S. 104 , sustaining the Bank Depositors' Guaranty Fund Acts of Oklahoma, held that a similar act of Nebraska providing for a guaranty fund and prohibiting banking except by corporations formed under the act, is not unconstitutional.
172 F. 999 reversed.
The facts, which involve the constitutionality of the banking act of Nebraska, creating a depositors' guaranty fund, are stated in the opinion.
MR. JUSTICE HOLMES delivered the opinion of the Court.
This is a suit by many banks to prevent the Banking Board of Nebraska from carrying out and enforcing an act similar to the Oklahoma statute just passed upon. It forbids banking except by a corporation formed under the act, and provides for a guaranty fund. The circuit court held the statute unconstitutional, and issued an injunction against the enforcement of it. 172 F. 999. For the reasons given in the foregoing case, the decree of the circuit court must be reversed.