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Smith v. Kansas City Title & Trust Co.
United States Supreme Court
255 U.S. 180 (1920)
Smith (plaintiff), a shareholder of Kansas City Title & Trust (Company) (defendant), brought suit against the Company in the United States District Court for the Western Division of the Western District of Missouri. Smith sought to prevent the Company from investing in farm-loan bonds issued pursuant to the Federal Farm Loan Act of 1916 (Act), 40 Stat. 431. Under Missouri law, the Company was permitted to invest only in securities authorized by a valid law. The Act declared all farm-loan bonds to be lawful investments for fiduciary and trust funds. However, Smith’s complaint sought a declaration that the Act was unconstitutional and that, therefore, the issuance of farm-loan bonds to the Company would be invalid. The Company moved to dismiss. The district court granted the motion. Smith appealed.
Rule of Law
Holding and Reasoning (Day, J.)
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