Union Trust Co. v. Preston National Bank
Michigan Supreme Court
Appeal from Way pe; Donovan, J. Bill by the Union Trust Company against the Preston National Bank, the Union Trust Company, as receiver for the City Savings Bank, and the Detroit United Railway for an accounting. From the decree rendered, defendants Preston National Bank and the Union Trust Company, receiver, appeal.
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Appeal from Way pe; Donovan, J. Bill by the Union Trust Company against the Preston National Bank, the Union Trust Company, as receiver for the City Savings Bank, and the Detroit United Railway for an accounting. From the decree rendered, defendants Preston National Bank and the Union Trust Company, receiver, appeal. By an agreement, made July 27, 1901, between the Detroit, Rochester, Romeo & Lake Orion Railway, of the first part, Henry Stephens and Frank C. Andrews, of the second part, and the Detroit United Railway, of the third part, a sale was agreed.to of the properties of three electric…
1Opinion of the CourtOstrander, J.
{after stating the facts). 1. It is asserted as reason for denying payment of interest to the Detroit United Railway that provision for prompt reimbursement had been made by the deposit of the 250 bonds with the Union Trust Company, and that the account for expenditures was not, in any event, interest bearing. I quote from the brief:
“If the Detroit United Railway was not reimbursed promptly, why should the damages, that is, the interest upon its expenditures, be paid out of the fund derived from the sale of the bonds, that is, by the assignees of the bonds, who were in no way at fault ?…
2Cases cited2 opinions
- Woerz v. . SchumacherNew York Court of Appeals · 1900
- Woerz v. SchumacherAppellate Division of the Supreme Court of the State of New York · 1899
3Cited by2 opinions
- Fisher v. WarkenthienSouth Dakota Supreme Court · 1943
- In Re Fisher's EstateSouth Dakota Supreme Court · 1943