Commonwealth v. American Trust Co.
Supreme Court of Pennsylvania
Commonwealth v. American Trust Co., 241 Pa. 153 (Pa. 1912)
88 A. 430; 1912 Pa. LEXIS 601
Brown, Elkin, Moschzisker, Potter
Commonwealth v. American Trust Co.
Opinion of the Court
Each of these appellants, in presenting its claim before the auditors appointed to distribute the fund in the hands of the receiver of the American Trust Company, was but the holder of a check issued by that institution. No one of them had a “deposit” with it in the popular or legal sense of the term, and no one of them was an equitable assignee of a deposit with it. The disallowance of the claims of the appellants as depositors is affirmed on the opinion of the learned president judge of the court below confirming the report of the auditors.
Reference
- Full Case Name
- Commonwealth, ex rel. v. American Trust Company
- Cited By
- 4 cases
- Status
- Published
- Syllabus
- Trust companies — Insolvency—Distribution of assets — Deposits —Act of May 8,1907, P. L. 192 — Checks. Checks drawn on a trust company by depositors therein, presented for payment to the trust company by the holders, accepted, charged against the accounts of the drawers, and the trust company’s cheek on another bank given in exchange therefor, are not deposits within the meaning of the Act of May 8, 1907; and if the trust company becomes insolvent such checks have no preference as deposits.