Legal Opinion
Schofield v. Cleveland Trust Co.
Ohio Supreme Court
Decided February 25, 1948No. 31013PublishedCited by 26 opinions
1Opinion of the CourtZimmerman, J.
The general rule pertaining to the liability of banks in connection with the misappropriation or misapplication by fiduciaries of trust funds deposited with such banks is stated in 7 American Jurisprudence, 374, Section 520:
“Although a bank may know or be charged with notice of the trust character of funds on deposit with it, yet it is not necessarily liable if such funds are withdrawn by the fiduciary and misappropriated by him. The contract between the bank and the depositor is that the former will pay according to the checks of the latter, and when they are drawn in proper form by a…
2Cases cited8 opinions
- Pennsylvania Co. for Ins. v. Ninth Bk. T. Co.Supreme Court of Pennsylvania · 1931
- Hall v. Windsor Savings BankSupreme Court of Vermont · 1923
- Mitchell v. First National BankCourt of Appeals of Kentucky · 1924
- Shuster v. North American Mortgage Loan Co.Ohio Supreme Court · 1942
- American National Bank of Enid v. CrewsSupreme Court of Oklahoma · 1942
3 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Hambleton v. R.G. Barry Corp.Ohio Supreme Court · 1984
- Bennett v. Hibernia BankCalifornia Supreme Court · 1956
- Cundall v. U.S. BankOhio Supreme Court · 2009
- Helen Charash v. Oberlin CollegeCourt of Appeals for the Sixth Circuit · 1994
- Yungwirth v. McAvoyOhio Supreme Court · 1972
21 more not listed; retrieve them via the Exa API.