Chancellor v. Chancellor
Supreme Court of Alabama
Appeal from Talladega Probate Court. Heard before Hon. W. C. McMillan, Special Judge. Petition of P. L. Chancellor, as administrator, for final settlement of the estate of his intestate. Prom a decree for petitioner, the contestant, I. S. Chancellor, one of the heirs of intestate, appeals.
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Appeal from Talladega Probate Court. Heard before Hon. W. C. McMillan, Special Judge. Petition of P. L. Chancellor, as administrator, for final settlement of the estate of his intestate. Prom a decree for petitioner, the contestant, I. S. Chancellor, one of the heirs of intestate, appeals. The administrator sought to have himself credited with an item of $1,223.45, and commissions thereon, which he had deposited in the Union Bank & Trust Company; he claiming to have deposited it as trust funds, and the contestant setting up that it was deposited by him in his individual capacity. The evidence…
1Opinion of the CourtAnderson, J.
“A trustee may deposit money temporarily in some responsible bank or banking house; and if he acted in good faith and with discretion, and deposited the money to a trust account, he will not bé liable for its loss, * * * but he will be liable for the money in case of a failure of the bank, or for its depreciation, if he deposits it to his own credit, and not to the. separate account of the trust estate.” — Perry on Trusts, § 443. Again, this writer says, in section 463: “So if the trustee pays the money into a bank in his own name, and not in the name of the trust, he will'be responsible for…
2Cases cited22 opinions
- Bundy v. Town of MonticelloIndiana Supreme Court · 1881
- McLain v. WallaceIndiana Supreme Court · 1885
- School District v. First National BankMassachusetts Supreme Judicial Court · 1869
- Williams v. WilliamsWisconsin Supreme Court · 1882
- Naltner v. DolanIndiana Supreme Court · 1886
17 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- King v. PorterSupreme Court of Alabama · 1935
- In Re Estate of BinderOhio Supreme Court · 1940
- First Nat. Bank of Birmingham v. BashamSupreme Court of Alabama · 1939
- Barnes v. ClarkSupreme Court of Alabama · 1933
- Chapter House Circle of the King's Daughters v. Hartford National Bank & Trust Co.Supreme Court of Connecticut · 1936
13 more not listed; retrieve them via the Exa API.