London & Lancashire Indemnity Co. of America v. American State Bank

The first cause of action in the amended complaint sets forth the public-improvement contracts with the city of Rhinelander and School District No. 8 of the city of Edgerton, and alleges that the payments received under these contracts a're trust funds under sec. 289.53 (4), Stats., which provides:

“All moneys, bonds or warrants paid to, or to> become due to any principal contractor or subcontractor for public improvements shall be and constitute a trust fund in the hands of such principal contractor or subcontractor. . . .”

It is then alleged:

“That defendant, from time to time, prior to and…