Steele v. Commissioner of Banks
Massachusetts Supreme Judicial Court
Four bills in equity, filed in the Supreme Judicial Court, the first on April 16, the second on April 26, and the third and fourth on May 12, 1921, seeking the return of deposits made by the respective plaintiffs in the commercial department of the Prudential Trust Company shortly before its property and business were taken possession of by the commissioner of banks on September 10, 1920, the plaintiffs averring and contending that when the deposits were received the…
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Four bills in equity, filed in the Supreme Judicial Court, the first on April 16, the second on April 26, and the third and fourth on May 12, 1921, seeking the return of deposits made by the respective plaintiffs in the commercial department of the Prudential Trust Company shortly before its property and business were taken possession of by the commissioner of banks on September 10, 1920, the plaintiffs averring and contending that when the deposits were received the officers knew that the bank was hopelessly insolvent. The suits were ordered to be consolidated for the purpose of being heard…
1Opinion of the CourtRugg, C. J.
These are suits in equity whereby the several plaintiffs seek to recover from the defendant as commissioner of banks in possession of the property of the Prudential Trust Company the amounts of deposits made by them in the trust company' while it was insolvent, on the ground that the trust company was known by its managers to be insolvent at the time of the receipt of the deposits, and that hence the bank became a trustee ex maleficio of the moneys thus deposited. The facts as to the financial condition of the trust company and the knowledge and intention of the executive officers concerning…
2Cases cited8 opinions
- St. Louis & San Francisco Railway Co. v. JohnstonSupreme Court of the United States · 1890
- Brennan v. TillinghastCourt of Appeals for the Sixth Circuit · 1913
- Richardson v. New Orleans Coffee Co.Court of Appeals for the Fifth Circuit · 1900
- Watson v. SilsbyMassachusetts Supreme Judicial Court · 1896
- Western German Bank v. NorvellCourt of Appeals for the Fifth Circuit · 1905
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3Cited by40 opinions
- International Shoe Co. v. Federal Trade CommissionSupreme Court of the United States · 1930
- Washington Shoe Manufacturing Co. v. DukeWashington Supreme Court · 1923
- Union Guardian Trust Co. v. EmeryMichigan Supreme Court · 1940
- Cosmopolitan Trust Co. v. Suffolk Knitting MillsMassachusetts Supreme Judicial Court · 1924
- Salem Elevator Works, Inc. v. Commissioner of BanksMassachusetts Supreme Judicial Court · 1925
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