A Treatise On the Law of Banks And Banking, By the Editorial Staff of the Michie Company
The book A Treatise On the Law of Banks And Banking, By the Editorial Staff of the Michie Company was written by author Michie, Thomas Johnson, B. 1867 Here you can read free online of A Treatise On the Law of Banks And Banking, By the Editorial Staff of the Michie Company book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is A Treatise On the Law of Banks And Banking, By the Editorial Staff of the Michie Company a good or bad book?
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256, 11 N. E. 504; O'Connor V. Mechanics' Bank, 124 N. Y. 324, 26 N. E. 816; Shaw -J. Baunnan, 34 O. St. 25: Nonotuck Silk Co. v. Flanders, 87 Wis. 237, 58 N. W. 383. Trust funds may often be properly- put into a bank as a deposit, that be- ing in such instances a prudent dis- position of such funds by the trustee; but the bank becomes simply a bor- rower, and the trustee a depositor, like any other depositor, and in case the bank does become insolvent the trustee has no preference over other c...reditors. He and those beneficially interested must take simply a distrib- utive share of the assets. Hawkins v. Cleveland, etc., R. Co., 32 C. C. A. 198, 89 Fed. 266. Where a general deposit of a trust fund is rightfully made in bank as part of the trust estate, the relation of debtor and creditor is created between the bank and the trustees, and the lat- ter are not entitled to be preferred over other creditors on the bank be- coming insolvent. Fletcher v. Sharpe, 108 Ind. 276, 9 N. E. 142. Deposits of school funds made by the treasurer of a school district in a private bank are not wrongful, and the banker does not become a trustee ex maleficio as to such deposits so as to give the school district a prefer- ential claim against the assets of the bank on the death insolvent of the owner of the bank.
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