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Smith v. Kansas City Title & Trust Co.
''Smith v. Kansas City Title & Trust Co.'', 255 U.S. 180 (1921), was a United States Supreme Court case that helped define the range and scope of federal question jurisdiction in state corporate law matters. The case dealt with whether or not a district court had the power to uphold the constitutional validity of the Federal Farm Loan Act of 1916.
==Background==
Charles E. Smith, a shareholder of Kansas City Title & Trust Company, challenged the company's investment in farm loan bonds. The plaintiff (Smith) sued by filing an action in the United States District Court for the Western District of Missouri. The suit was filed to prevent the state bank from buying the federal bonds, claiming that the Federal Farm Loan Act of 1916, the law in which the transaction was based on, was unconstitutional.
Kansas City Title & Trust Co. was authorized to invest funds in ''legal'' securities only. The plaintiff was against investing money into federal land bonds ($10,000 into bonds of the federal land banks and $10,000 into bonds of the joint-stock land banks) because he alleged that the Congress's undertaking to organize new banks, based on the Federal Farm Loan Act, was unconstitutional. The Western District Court of Missouri ruled that the Federal Farm Loan act ''was'' constitutional, making it so the Kansas City Title & Trust Co. could invest in farm loan bonds. The plaintiff wanted further relief on the matter, so the case went to the Supreme Court.
Before stating the holding, it is important to explain what the Federal Farm Loan Act was, what federal-question jurisdiction is, and how they pertain to this case.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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