United States Fidelity & Guaranty Co. v. Union Bank & Trust Co.
Court of Appeals for the Sixth Circuit
Appeal from the District Court of the United States for the Middle District of Tennessee; Edward T. Sanford, Judge. Suit in equity by the United States Fidelity & Guaranty Company against the Union Bank & Trust Company and others. Decree for defendants, and complainant appeals. Rainey was a clerk of the courts at Nashville, and the Fidelity & Guaranty Company (hereafter called the guaranty company) was surety on his official bonds.
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Appeal from the District Court of the United States for the Middle District of Tennessee; Edward T. Sanford, Judge. Suit in equity by the United States Fidelity & Guaranty Company against the Union Bank & Trust Company and others. Decree for defendants, and complainant appeals. Rainey was a clerk of the courts at Nashville, and the Fidelity & Guaranty Company (hereafter called the guaranty company) was surety on his official bonds. He kept his official funds on deposit with the Union Bank & Trust Company • (hereafter called the hank), in an account in the name of “Walter S. Rainey, Circuit…
1Opinion of the CourtDenison, Circuit Judge
(after stating -the facts as above). [1] 1. The official funds on deposit were not, as between the clerk and the bank, a trust fund; but as between the clerk and the beneficiaries, the fund was largely or wholly made up of trust moneys; and this case must be approached by way of the proposition that if the bank, out of this fund, either satisfied its debt against the clerk personally, or affirmatively and intentionally aided him in wrongfully appropriating it to his own use, a liability therefor accrued in equity against the bank in favor of the beneficiaries. We think this proposition…
2Cases cited12 opinions
- National Bank v. Insurance Co.Supreme Court of the United States · 1881
- United States v. Nashville, Chattanooga & St. Louis Railway Co.Supreme Court of the United States · 1886
- United States v. BeebeSupreme Court of the United States · 1888
- Travelers' Ins. Co. v. Great Lakes Engineering Works Co.Court of Appeals for the Sixth Circuit · 1911
- American Bonding Co. v. National Mechanics BankCourt of Appeals of Maryland · 1903
7 more not listed; retrieve them via the Exa API.
3Cited by51 opinions
- Prudence Realization Corp. v. GeistSupreme Court of the United States · 1942
- Jenkins v. National Surety Co.Supreme Court of the United States · 1928
- Shaddix v. National Surety Co.Supreme Court of Alabama · 1930
- Aetna Life & Casualty Co. v. Union Trust Co.Supreme Court of Connecticut · 1994
- Christensen v. PackNevada Supreme Court · 2006
46 more not listed; retrieve them via the Exa API.