Bonhiver v. State Bank of Clearing

Plaintiff, Homer A. Bonhiver (Bonhiver), as the Minnesota court receiver of American Allied Insurance Company, a Minnesota corporation (American Allied), filed a fourth amended complaint which sought to impress a constructive trust as to a certain Time Certificate of Deposit No. 2170 [TCD 2170], issued by defendant State Bank of Clearing, an Illinois banking corporation [State Bank], to “Phillip Kitzer and his nominee or nominees,” or to the proceeds of TCD 2170. State Bank filed an answer and counterclaim which alleged that it rightfully applied the proceeds of TCD 2170 against an…