A Treatise On the Law of Banks And Banking, By the Editorial Staff of the Michie Company
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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.
What to read after A Treatise On the Law of Banks And Banking, By the Editorial Staff of the Michie Company?
You can find similar books in the "Read Also" column, or choose other free books by Michie, Thomas Johnson, B. 1867 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
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.
What to read after A Treatise On the Law of Banks And Banking, By the Editorial Staff of the Michie Company?
You can find similar books in the "Read Also" column, or choose other free books by Michie, Thomas Johnson, B. 1867 to read onlineMoreLess
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