Franklin National Bank v. New York
United States Supreme Court
347 U.S. 373 (1954)
- Written by Robert Cane, JD
Facts
The State of the New York (plaintiff) regulated the advertisement of banking services. New York law prohibited the use of the word “saving” in connection with any banks other than state-chartered savings banks and savings-and-loan associations. Franklin National Bank (Franklin) (defendant) operated in New York. Franklin was not a state-chartered savings bank nor a savings-and-loan association. Franklin used the words “saving” and “savings” in its advertisements, on signs at the bank, on its banking slips, and in its reports. Franklin did in fact accept deposits of customers’ savings and pay interest on such deposits. The New York attorney general brought a complaint against Franklin, alleging violations of the New York advertising law. The trial court found that the New York law conflicted with the powers granted to national banks by Congress and determined that the state law was preempted. New York appealed. The appellate division reversed the judgment of the trial court, and the court of appeals affirmed the appellate division judgment. Franklin appealed to the United States Supreme Court.
Rule of Law
Issue
Holding and Reasoning (Jackson, J.)
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