Jasper School District v. Pickens County Bank

Duckworth, Justice.

Did the fund here involved constitute a “special deposit” within the meaning of that term as used in the Code? If it was such a deposit, title thereto never at any time vested in the bank, but remained at all times in the depositor. A deposit may be for a specific purpose; as where money or property is delivered to a bank for some particular designated purpose, such as a note for collection or money to pay a particular note or draft, such partakes of the nature of a special deposit to the extent that title remains in the depositor and does not pass to the bank. Code, §…