Matter of Carnegie Trust Company
New York Court of Appeals
Appeal from an order of the Appellate Division of the Supreme Court in the first judicial department, entered June 18, 1912, which reversed an order of Special Term confirming the finding of a referee that the state treasurer was not entitled to the preferential payment, over unsecured general creditors, of state canal funds deposited with an insolvent trust company. The facts, so far as material, are stated in the opinion.
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Appeal from an order of the Appellate Division of the Supreme Court in the first judicial department, entered June 18, 1912, which reversed an order of Special Term confirming the finding of a referee that the state treasurer was not entitled to the preferential payment, over unsecured general creditors, of state canal funds deposited with an insolvent trust company. The facts, so far as material, are stated in the opinion. The state as a general depositor became divested of any priority attaching to it as a sovereign authority and must share equally in. the assets of the insolvent bank with…
1Opinion of the CourtHaight, J.
Under the findings of the referee it appears that the Carnegie Trust Company was a corporation transacting a banking and trust business, pursuant to the Banking Law of this state, and that by a resolution of the commissioners of the canal fund of the state it was designated as a depositary of- such fund; that thereafter and from time to time the treasurer of the state made deposits with the trust company in different amounts, and that on the 7th day of January, 1911, the trust company held on deposit the sum of $135,843.85 belonging to the state; that all of the amount of such deposit was a…
2Cases cited3 opinions
- Guarantee Title & Trust Co. v. Title Guaranty & Surety Co.Supreme Court of the United States · 1912
- Central Trust Co. v. New York City & Northern RailroadNew York Court of Appeals · 1888
- Wise v. L. & C. Wise Co.New York Court of Appeals · 1897
3Cited by82 opinions
- Marshall v. New YorkSupreme Court of the United States · 1920
- United States F. & G. Co. v. BramwellOregon Supreme Court · 1923
- Matter of Sullivan Co., Inc.New York Court of Appeals · 1942
- UNITED STATES v. MOORE Et Al.Supreme Court of the United States · 1975
- Matter of Atlas Television Co.New York Court of Appeals · 1936
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