Lebanon Trust & Safe Deposit Bank's Assigned Estate
Lebanon Trust & Safe Deposit Bank's Assigned Estate
Opinion of the Court
The auditor found, and upon sufficient testimony, that when the money which composed the fund for which preference was claimed in this case, was deposited in the bank, it was simply placed in the general funds of the bank. No investment of it
Judgment affirmed.
Reference
- Full Case Name
- Lebanon Trust & Safe Deposit Bank's Assigned Estate. C. W. Carmany's Appeal
- Cited By
- 29 cases
- Status
- Published
- Syllabus
- Trusts and trustees—Banks and banking—Mingling of trust funds with general deposits. Where money received by a bank as trustee is not kept distinct nor invested in any specific way, but is mingled with the general mass of money on deposit and used in the general banking business, and there is no means of tracing or ascertaining its identity in any form or species of property, the cestui que trust is not entitled to a preference over general creditors in a distribution of the assigned estate of the bank.