Edward Douglass White

Name: Yardley v. Philler — Opinion of the Court
Author: Edward Douglass White

Yardley v. Philler — Opinion of the Court

Summary

“Yardley v. Philler — Opinion of the Court”, is a work by Edward Douglass White. It explores elements such as the Keystone Bank, clearing and manager.

Quotes from Yardley v. Philler — Opinion of the Court (Edward Douglass White)

Edward Douglass White, Yardley v. Philler — Opinion of the Court

“ When it is understood that the payment in of the money in consequence of the call made upon the banks was in reality no payment at all, since it was but the giving on the one hand to the manager of a sum of money to be handed back by him on the other in order that his settlement sheet might balance, it becomes perfectly clear that the result was in no way to change or destroy the credit of $70,005.36 standing on the clearing sheet in favor of the Keystone Bank. ”

[↩︎]

Source: Wikisource

Edward Douglass White, Yardley v. Philler — Opinion of the Court

“ The opposing judgments rendered by the circuit court and by the circuit court of appeals well define the conflicting contentions of the parties, since the conclusion of the circuit court entirely sustained the position taken by the complainant, while the court of appeals justified the rights asserted by the defendants. ”

[↩︎]

Source: Wikisource

Edward Douglass White, Yardley v. Philler — Opinion of the Court

“ In other words, the Keystone Bank, although it put into the clearing only claims against other banks sufficient to partially discharge its obligations, and failed subsequently to perform the duty, owing by it, to pay in cash a sum adequate to make up the difference,-that is, to discharge all its debts resulting from the clearing,-asserts that as a consequence of its failure to pay all it has been absolved from thereafter paying anything whatever in the clearing. ”

[↩︎]

Source: Wikisource

Edward Douglass White, Yardley v. Philler — Opinion of the Court

“ The Clearing-House Association having been, therefore, in the possession of the $28,808.10 as the fiduciary agent of the Keystone Bank, without a lien or right upon it, its appropriation of the same, after the insolvency of the Keystone Bank, to the debt owing for loan certificates, was obviously a preference within the inhibition of the statute against preferences in the cases of insolvent banks. ”

[↩︎]

Source: Wikisource

Edward Douglass White, Yardley v. Philler — Opinion of the Court

“ At the time, however, when the securities were withdrawn and used by the Keystone for the purpose of securing clearing-house certificates, an agreement was made that, in order to secure the performance of any obligation which might arise from the daily clearing, the Keystone Bank would leave in the hands of the manager of the clearing house the vouchers presented by other banks against it at the time the clearing was made, to be held by the manager until the balance shown to be due by it in the clearing was paid in accordance with the agreement. ”

[↩︎]

Source: Wikisource

Edward Douglass White, Yardley v. Philler — Opinion of the Court

“ Should any of the associated banks fail to appear at the clearing house at the proper hour, prepared to pay the balance against it, the amount of that balance shall be immediately furnished to the clearing house by the several banks exchanging at the establishment with the defaulting bank, in proportion to their respective balances against that bank, resulting from the exchanges of the day, and the manager shall make requisitions accordingly, so that the general settlement may be accomplished with as little delay as possible. ”

[↩︎]

Source: Wikisource

Edward Douglass White, Yardley v. Philler — Opinion of the Court

“ The claims of both parties, therefore, when analyzed, amount to the assertion, as a proposition of law, that they both have greater rights in consequence of the insolvency than they would have had if the insolvency had not taken place. ”

Edward Douglass White

Summary

Quotes from Yardley v. Philler — Opinion of the Court (Edward Douglass White)

Common terms

Similar works

Get perspective with Kwize: daily news enlightened by great literature