Leach v. Farmers Savings Bank

A so-called claim for preference such as this is merely one for the establishment of claimant’s ownership of property in the possession of the receiver, and a demand for decree for its restitution to claimant. Claimant is not entitled to be preferred in the payment of a liability incurred by the insolvent for the loss of claimant’s property. Claimant, to establish his right, must show: (1) The existence of some concrete fund or article or item of property (2) of which the claimant is the owner (Farnsworth v. Muscatine P. & P. I. Co., 177 Iowa 21, 30), (3) of such nature that its receipt by…