Central Bank & Trust Co. v. Shipman

The defendant, Central Bank and Trust Company, appeals from a final decree for the plaintiffs, J. H. Shipman and Norman Bonnett, as partners, doing business as B & W Wholesalers. The action was for declaratory decree and other relief. In the complaint it was alleged that the defendant bank knew that certain proceeds from drafts deposited with the bank for collection equitably belonged to the plaintiffs, and that the bank received such funds in trust for the use and benefit of the plaintiffs. The chancellor, as is evidenced by the challenged final decree found that the appellant bank had or…