Summary

Pierce Butler United States v. Oklahoma — Opinion of the Court

The claim of the United States to the asserted priority rests exclusively upon the statute. No lien is created by it. It does not overreach or supersede any bona fide transfer of property in the ordinary course of business. It established priority which is limited to the particular state of things specified. The meaning of the word 'insolvent,' used in the act, and of the insolvency therein referred to, is limited by the language to cases where 'a debtor not having sufficient property to pay all his debts shall make a voluntary assignment,' etc.
Source: Wikisource

Pierce Butler United States v. Oklahoma — Opinion of the Court

The bank commissioner under the Oklahoma law properly may 'become satisfied' of the insolvency of a state bank whenever it is unable to pay its depositors in ordinary course of business and is unable to continue as a going banking concern, even though it has sufficient property to pay all its debts and is not insolvent within the meaning of section 3466 or the federal Bankruptcy Act.
Source: Wikisource

Pierce Butler United States v. Oklahoma — Opinion of the Court

The United States, under various acts of Congress, is guardian of certain incompetent and restricted Indians residing within Oklahoma, and as such guardian caused to be deposited in that bank certain sums of money received by the United States, through the office of the Superintendent of the Five Civilized Tribes in Oklahoma, on account of certain individual members and allottees of such tribes, who were incompetent and restricted and wards of the United States.
Source: Wikisource

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