First National Bank of Bellaire v. Comptroller of the Currency
United States Court of Appeals for the Fifth Circuit
697 F.2d 674 (1983)
- Written by Robert Cane, JD
Facts
Under the National Bank Act, a national bank may hold real estate if it falls into one of four permissible categories. One of the permissible categories is real estate acquired and intended for use in future expansion. In 1972, First National Bank of Bellaire (First National) (plaintiff) acquired a tract of land (the Dashwood property) with the intent to use it for future expansion. In 1974, First National acquired another property, also with the intent to use it for future expansion. Subsequently, First National transferred the Dashwood property into an account for real estate owned other than bank premises. Four weeks later, acting Comptroller of the Currency Charles Lord (the comptroller) (defendant) issued a cease-and-desist order (the order) to First National, which alleged that First National was in violation of the National Bank Act for holding the Dashwood property. The order directed First National to correct the violation and implement procedures to prevent such violations in the future. First National sued the comptroller, seeking to have the order set aside.
Rule of Law
Issue
Holding and Reasoning (Garza, J.)
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