Source: http://supreme.nolo.com/us/299/51/case.html
Timestamp: 2019-04-21 02:09:59+00:00

Document:
One of the objects of the national bank system is to secure, in the event of insolvency, a just and equal distribution of the assets of national banks among unsecured creditors, and to prevent such banks from creating preference in contemplation of their failure. Compare 88 U. S. S. 56� Bank v. Colby, 21 Wall. 609, 88 U. S. 613-614; Davis v. Elmira Savings Bank, 161 U. S. 275, 161 U. S. 284, 161 U. S. 290. To that end, R.S. § 5242, 12 U.S.C. § 91, prohibits preferential payments. That prohibition is not directed solely to managing officers. The duty not so to defeat the just and equal distribution of the assets commanded by the act rests upon all who obtain such knowledge by reason of their connection with the bank -- upon directors and employees, as well as upon the executive officers. [Footnote 3] By R.S. § 5147, as amended, 12 U.S.C. § 73, each director is required to take an oath that he "will not knowingly violate or willingly permit to be violated any of the provisions of this title." Finn v. Brown,@ 142 U. S. 56, 142 U. S. 68. Ekstrom violated his oath and the duty under R.S. § 5242, which it imposed when he used knowledge of the bank's perilous condition, gained in his position of trust, to cause the withdrawal of funds by his company with a view to assuring it a preference over other depositors who lacked that knowledge.

References: v. 
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 § 5242
 § 91
 § 5147
 § 73
 v. 
 § 5242