Legal Opinion
American Fidelity Fire Insurance v. Joy
Court of Appeals for the Third Circuit
Decided March 24, 1976No. Nos. 75-2050 and 75-2051PublishedCited by 4 opinions
1Opinion of the Court
OPINION OF THE COURT
GARTH, Circuit Judge
We are called upon to determine the liability of banking institutions which were not designated as official bankruptcy depositories under the Bankruptcy Act but which nevertheless accepted deposits of bankruptcy funds that were'subsequently embezzled. We affirm the district court’s order which held both banks liable to the bankrupt’s surety even though we do so on a theory different than that adopted by the district court.
I
These appeals arise from litigation caused by the bankruptcy of Quantum Development Corporation in the Virgin Islands. Quantum had…
2Cases cited22 opinions
- Federal Crop Ins. Corp. v. MerrillSupreme Court of the United States · 1947
- Clearfield Trust Co. v. United StatesSupreme Court of the United States · 1943
- Sola Electric Co. v. Jefferson Electric Co.Supreme Court of the United States · 1942
- Duckett v. National Mechanics' BankCourt of Appeals of Maryland · 1897
- PAAC v. RizzoCourt of Appeals for the Third Circuit · 1974
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3Cited by4 opinions
- C. S. Bowen Co. v. Maryland National BankCourt of Special Appeals of Maryland · 1977
- In the Matter of Quantum Development Corp., Debtor. American Fidelity Fire Insurance Co. v. Charles Joy, Receiver, and Charles Tait, Temporary Receiver, First National City Bank. Albert C. Lang, Trustee and American Fidelity Fire Insurance Company v. The Bank of Nova Scotia, in No. 75-2050. Appeal of First National City Bank, in No. 75-2051Court of Appeals for the First Circuit · 1976
- Hamdallah v. Virgin Islands Water & Power AuthorityDistrict Court, Virgin Islands · 1988
- Rutherford v. DarwinNew Mexico Court of Appeals · 1980