Slater v. North Carolina Bank & Trust Co.

It is admitted that the Central Investment Corporation is the beneficial owner of the funds deposited in the bank in the name of C. H. Slater ancl Company, and in view of this admission the appellants argue that the transaction between the depositor and the bank resulted in the creation of a trust which entitles the beneficial owner to precedence in payment. The argument is predicated on the theory of equitable ownership arising from the bank’s knowledge of the fact that the funds deposited in the name of C. H. Slater and Company were free from the banker’s right of legal or equitable set-off…