Court : US Supreme Court
Phoenix Bank v. Risley - 111 U.S. 125 (1844) U.S. Supreme Court Phoenix Bank v. Risley, 111 U.S. 125 (1884) Phoenix Bank v. Risley Argued March 13-14, 1884 Decided March 24, 1844 111 U.S. 125 I N ERROR TO THE COURT OF APPEALS OF THE STATE OF NEW YORK Syllabus The rule that the relation between a bank and its general depositors is that of debtor and creditor, which was laid down in Marine Bank v. Fulton Bank, 2 Wall. 252, is affirmed and applied to deposits arising from collections on behalf of another bank, a correspondent. A proceeding under the Confiscation Acts of August 6, 1861, 12 Stat. 319, and July 17th, 1862, 12 Stat. 589, for the purpose of confiscating a general deposit in a bank, which was directed against a specific lot of money, and a condemnation and sale under such proceedings, and a payment by the bank to the purchaser at the sale, are no defense to the bank in a suit by an assignee of the depositor for valuable consideration, claiming under an assignment...
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