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Full-Text Articles in Banking and Finance Law
Trusts -Tracing Principles Applicable Where Funds Of Two Or More Cestuis Are Wrongfully Commingled, Michigan Law Review
Trusts -Tracing Principles Applicable Where Funds Of Two Or More Cestuis Are Wrongfully Commingled, Michigan Law Review
Michigan Law Review
Public funds of a school district, of the village of Vassar, and of ten other municipalities were deposited in defendant bank without securing the deposit bond required by statute. After defendant bank had been declared insolvent, the school district intervened and sought to have the amount of its deposit impressed upon the cash assets of the bank as a trust, on the ground that the bank became a trustee ex maleficio. The total of the illegal deposits was greater than the cash on hand and the credits established in solvent correspondent banks at the time the receiver took over the …
Banks And Banking - Collections - Trust Or Debt, Michigan Law Review
Banks And Banking - Collections - Trust Or Debt, Michigan Law Review
Michigan Law Review
A certificate of deposit issued by A bank and owned by plaintiff was presented for collection in a routine clearance transaction between defendant bank and A bank. A bank paid for the several items presented with other items and a draft. The draft was dishonored. After both banks closed, defendant bank collected the amount of the draft from A bank as a preferred claim. Plaintiff seeks full payment of the certificate of deposit. Held, payment terminated the agency for collection and gave rise to a debtor-creditor relation, and, for this purpose, payment by draft was equivalent to any other …