Wallace v. Stone
Michigan Supreme Court
Appeal from Ingham; Person, J. Petition of Julia Wallace for an order requiring George W. Stone, as receiver of the Central Michigan Savings Bank, to pay the claim of petitioner in full, in preference to general creditors. From an order granting the petition, respondent appeals.
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Appeal from Ingham; Person, J. Petition of Julia Wallace for an order requiring George W. Stone, as receiver of the Central Michigan Savings Bank, to pay the claim of petitioner in full, in preference to general creditors. From an order granting the petition, respondent appeals. The opinion of the circuit judge, after stating the facts of the case, concluded as follows: “It is well settled in equity that a creditor shall have a lien upon the whole mass, when funds- held in (rust for him have been mingled by the trustee with the trustee’s, own funds. It is also well settled that, if a trustee…
1DissentHooker, J.
In this case it is claimed by the petitioner that on February 14, 1893, one Mrs. Glasier paid certain money to the defendant bank, upon a mortgage owned by petitioner, which was in the hands of the bank for collection, and that the bank did not remit the same to the petitioner, but mingled it with the cash of the bank. Soon after, the bank closed its doors, by reason of insolvency; and this is a proceeding to compel the receiver to pay the claim, upon the ground that the money was a trust fund. The case of In re Johnson, 103 Mich. 109, is relied upon as establishing the liability. In that…
2Cases cited12 opinions
- Van Alen v. . American National BankNew York Court of Appeals · 1873
- Holmes v. . GilmanNew York Court of Appeals · 1893
- McLeod v. EvansWisconsin Supreme Court · 1886
- Nonotuck Silk Co. v. FlandersWisconsin Supreme Court · 1894
- Englar v. OffuttCourt of Appeals of Maryland · 1889
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