From inside the an extra cross-claim submitted by the Connection on twenty eight, 1948, they alleged one to to make the newest developments away from said $6,three hundred,100000 to Ammann because supposed Conservator to have Association, San francisco Bank or any other get across-defendants «were utilizing entirely or perhaps in region, money, money, and assets, which they realized was in fact owned by, the house of, and you may of the Federal Mortgage Lender away from La [or owned by the stockholders] which said currency, funds and property were received because of the mix-defendants from the fraudulent and you will malicious seizure and confiscation off told you Los Angeles Bank * * *.»
Then light try forgotten with the individuals states by an argument from counsel for La manufactured in judge however case into July 30, 1948. He said:
A proper carrying of your own Judge was that the shareholders out of Connection (Mallonee) were estopped, just like the Organization would be, off tricky the fresh provisions of one’s Work, Family Owners’ Loan Act out-of 1933, which licensed the fresh new Panel to help you recommend the newest fine print below and therefore an effective conservator ed, 332 You
«We [Los angeles Financial] are saying claims to new $6,three hundred,000 property value cards to the put from the registry of your courtroom, performed by the Ammann because the Conservator, and is also the declare that the funds familiar with make this type of financing, for the high part, have been fund of La Lender.»
It asserted that from inside the months while Ammann was at charge off Association while the Conservator, Talladega Springs Alabama payday loans Connection lent from the Bank regarding San francisco bay area figures surpassing $six,three hundred,100 and that amounts have been all of the time secure as needed significantly less than the fresh conditions of your Federal Mortgage Financial Work and guidelines and rules then followed pursuant thereto, because of the project and you may hope off Us Authorities Bonds, promissory cards safeguarded of the mortgage loans or deeds away from trust on the real property, and you can stock held of the told you Connection within the said Lender off San Francisco. That most said amounts thus borrowed of the Relationship were utilized by Association into the transacting and you can working the organization regarding Relationship and motives and to the main benefit of the organization of Organization.
Inside a reply of the Bank away from Bay area (however case) for the amended get across-claim from Association hence respond to is submitted July 29, 1948 Bay area describes the borrowed funds built to Relationship from the after the manner
As the checklist implies, new conflicting contentions respecting the latest impounded loans create a perplexing photo. From the advantages and therefore every functions put on these types of funds i’ve considering her or him much more complex medication on the margin. 4
Prior to finishing which element of all of our opinion resource is produced into viewpoints indicated by Supreme Courtroom into the Fahey v. Mallonee, 332 You.S. 245, 67 S. Ct. 1552, 91 L. Ed. 2030, about the things which sustain right on the problem of one’s legitimacy of the notes stored from the Home loan Lender from San Francisco. S. on page 256, 67 S. Ct. from the page 1557. A last decision is actually that it was mistake so you’re able to oust the latest conservator (Ammann) or perhaps to enjoin any kind of his proceedings, or even to enjoin the fresh new management hearing towards the his appointment. 332 You.S. within webpage 257, 67 S. Ct. during the page 1557. The new said lien off San francisco on impounded fund try considering these cards.
To have an in depth record of your own procedures regarding the all the way down legal leading up to the order impounding the money, recourse shall be had to the new printed transcript away from number toward the newest desire in the primary instance (several,511). New activity out-of Organization to own buy off impound appears at pp. 3562 in order to 3597; the fresh activity of Organization for your order to San francisco bay area so you can inform you cause as to why money should not be impounded appears at pp. 3597 to help you 3599; the transaction directed to San francisco bay area and Los angeles requiring such banking companies showing result in why the new activity regarding Organization in order to impound the income advertised because of the Relationship should not be granted, seems during the pp. 3599 to help you 3601; the «Return» of Bay area into court’s buy showing end up in looks on pp. 3690 in order to 3752; the fresh «Return» regarding Los angeles with the court’s order to exhibit end in looks in the pp. 3642 to help you 3646; the new impounding purchase of the judge, old February thirteen, 1948, appears during the pp. 8399 to help you 8525.
