United States White v. Knox
| Citation | 4 S.Ct. 686,111 U.S. 784,28 L.Ed. 603 |
| Parties | UNITED STATES ex rel. WHITE v. KNOX, Comptroller, etc |
| Decision Date | 05 May 1884 |
| Court | United States Supreme Court |
S. V. White, for plaintiff in error.
Nath. Wilson for defendant in error.
This was a suit for mandamus to compel the comptroller of the currency to pay a dividend on a debt of the Miners' National Bank of Georgetown, Colorado, an insolvent national bank. The question argued in this court arises on the following facts: The Miners' National Bank of Georgetown was put into insolvency by the comptroller of the currency, and a receiver appointed about the twentieth of December, 1875. It owed a large amount of debts, and among the rest about $60,000 to White, the relator, which the comptroller refused to allow. White thereupon brought suit to have his claim adjudicated, and on the twenty-third of June, 1883, he recovered a judgment against the bank for $104,523.72, that being the amount of his claim, with interest added to the date of the judgment. Between the time of the failure of the bank and the judgment, the comptroller had paid to the other creditors, under the requirements of section 5236 of the Revised Statutes, ratable dividends, amounting in the aggregate to 65 per cent. on the amounts due them, respectively, as of the date when the bank failed. As soon as the claim of White was adjudicated, the comptroller calculated the amount due him according to the judgment as of the date of the failure, and paid him 65 per cent. on that amount. The sum paid in this way was $46,560.75, which, it is conceded, was the true amount due him on the basis of distribution assumed by the comptroller. White claimed that the dividend should be paid on the face of the judgment, which would have given him $67,940.41. The difference between the amount claimed and that paid is $21,379.66. The present suit was brought to compel the payment of this difference. The court below decided in favor of the comptroller, and White sued out this writ of error for the review of a judgment to that effect.
The pleadings are somewhat inartificially drawn, but both parties ask that all matters of form may be disregarded, and their rights determined upon the facts, about which there is no disagreement.
Section 5236 of the Revised Statutes, under which the question to be decided arises, is as follows: 'From time to time * * * the comptroller shall make a ratable dividend of the money * * * paid over to him by such receiver, on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction, and, as the proceeds of the assets of such association are paid over to him, shall make further dividends on all claims previously proved or adjudicated.'
The comptroller decided that the payment to White should be on the basis of the amount due him on his adjudicated claim as of the date of the failure of the bank, because the dividends to the other creditors had...
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Branch v. FDIC
...they must be made by some uniform rule.... All creditors are to be treated alike." U.S. ex rel. White v. Knox, 111 U.S. 784, 786, 4 S.Ct. 686, 686-87, 28 L.Ed. 603 (1884). Thus, claimants seeking to avoid pro rata distribution of assets face a heavy burden of proof. Downriver Com. Fed. Cred......
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...demand equal treatment for all creditors of a failed institution. "All creditors are to be treated alike." White v. Knox, 111 U.S. 784, 786, 4 S.Ct. 686, 686, 28 L.Ed. 603 (1884); see First Empire Bank v. FDIC, 572 F.2d 1361 (9th Cir.), cert. denied, 439 U.S. 919, 99 S.Ct. 293, 58 L.Ed.2d 2......
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