New York Trap Rock Corp. v. National Bank

This is a representative action to have moneys received by defendant, on account of the indebtedness of the contractors to it, declared a trust fund for the benefit of plaintiffs and others similarly situated.

It appears that, shortly after the contractors entered into an agreement for the construction of a public improvement, they executed and delivered to the bank an assignment of all moneys due under the agreement. Thereafter the bank made advances to the contractors against this assignment. Plaintiffs, who furnished materials and labor in connection with the improvement, failed to file…