Yellowstone County v. First Trust & Savings Bank
Montana Supreme Court
Appeal from District Court, Yellowstone County; George ~W. Pierson, Judge. Action by Yellowstone County against the First Trust & Savings Bank, of Billings, Montana, and S. G. Reynolds, receiver, to have certain county funds deposited in defendant bank declared a trust fund and entitled to preference in the distribution of its assets. Judgment for defendants, and plaintiff county appeals therefrom.
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Appeal from District Court, Yellowstone County; George ~W. Pierson, Judge. Action by Yellowstone County against the First Trust & Savings Bank, of Billings, Montana, and S. G. Reynolds, receiver, to have certain county funds deposited in defendant bank declared a trust fund and entitled to preference in the distribution of its assets. Judgment for defendants, and plaintiff county appeals therefrom. Appellant contends that the sum of $33,000 of its money on deposit in the respondent bank at the time of the latter’s suspension was a trust fund, with the payment of which the assets of the bank…
1Opinion of the CourtJustice Holloway
Ira L. Whitney was county treasurer of Yellowstone county for the term commencing the first Monday of March, 1909. As such treasurer he kept a portion of the county’s funds on deposit with the First Trust and Savings Bank, of Billings, and. this deposit amounted to $50,000 on the 1st day of March, 1910. On that day the bank furnished to the county its indemnity bond, under the provisions of section 3003, Revised Codes, for the penal sum of $25*000, executed by a foreign surety company authorized to do business in this state. During June, 1910, the treasurer drew from the bank $17,000, leaving…
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