Walker v. Manhattan Bank
United States Circuit Court
In Equity. • This was a bill to charge the defendant bank as a trustee, and for a breach of trust concerning a special deposit. The court preceded the opinion with tlie following statement of: facts: The firm of Walker, Sons. & Oo., composed of the plaintiffs husband, liis brother, and (J. If. Judah, was a large mercantile house in Memphis that disastrously failed and made an assignment.
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In Equity. • This was a bill to charge the defendant bank as a trustee, and for a breach of trust concerning a special deposit. The court preceded the opinion with tlie following statement of: facts: The firm of Walker, Sons. & Oo., composed of the plaintiffs husband, liis brother, and (J. If. Judah, was a large mercantile house in Memphis that disastrously failed and made an assignment. The plaintiff and the wife of the other,brother, being creditors of the firm for large amounts due them for loans io the firm, owned the book accounts, which were bought for their use by Judah in the name of…
1Opinion of the CourtHammond, J.
As counsel for the plaintiff well remarks, so far as the $5,000 collected by the defendant bank on the Goldsmith note are concerned, this is not a question of negligence, but one of title. The bank knew that the plaintiff was the owner of that fund, and while it may be conceded that, under the circumstances of the deposit, it could safely have redelivered the note and its collateral security to Judah, or might safely have paid him the money without gross or other negligence, it did neither of these things. By authority of Judah, the plaintiff’s agent, it converted the fund to its own use by…
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