Clearfield

Definition and stakes

Portrait of Felix Frankfurter Felix Frankfurter,  Bank of America National Trust and Savings Association v…

“ The dissenters agreed in applying the doctrine of the Clearfield Trust case to determine the nature of the contract and the rights and duties of the United States as a party but not the rights of private transferees among themselves. They, like the majority, looked to federal law to determine whether the bonds were 'overdue paper' when presented to the First National Bank. They concluded that since the respondent bank knew of the call as to it, the bonds became demand paper and that the bank took the paper an unreasonable length of time after maturity, as advanced by the call. ”
Source: Wikisource

Portrait of Joel Cook Joel Cook,  America, Volume 2 (of 6)

“ At the eastern base of the main Allegheny range a long mountain valley stretches broadly from the far northeast to the southwest, and here is Tyrone, a settlement of extensive iron works, and the outlet of the greatest bituminous coal-fields of Central Pennsylvania, the Clearfield district, the town of Clearfield being about forty miles to the northwest. Northeast of Tyrone, this valley is called the Bald Eagle Valley, a picturesque and fertile region ”
Source: Gutenberg

Portrait of Hugo Black Hugo Black,  United States v. Yazell — Dissent

“ I am contrari-minded.
'A loan from the Federal Government is a federal matter and should be governed by federal law. There being no federal statute on the subject, the courts must fashion a rule. This is the clear holding of Clearfield Trust Co. v. United States. [1]
'To effectuate the policy of the Small Business Act, loans of many hundreds of thousands of dollars each year to businesses must be made throughout the country. These loans can be made only under conditions which will reasonably assure repayment. [2] I think the Act should be of uniform application throughout the country.
”
Source: Wikisource

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