The People v. . Merchants and Mechanics' Bk.
New York Court of Appeals
Appeal by the Chemical National Bank of New York from an order of the General Term of the Supreme Court, in the third judicial department, affirming an order of Special Term which denied the petition of said bank for an order directing the receiver of the Merchants and Mechanics’ Bank of Troy to pay to petitioners, out of the assets in his hands, the amount of a check drawn by the Troy and Boston Railroad Company upon said Merchants and Mechanics’ Bank.
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Appeal by the Chemical National Bank of New York from an order of the General Term of the Supreme Court, in the third judicial department, affirming an order of Special Term which denied the petition of said bank for an order directing the receiver of the Merchants and Mechanics’ Bank of Troy to pay to petitioners, out of the assets in his hands, the amount of a check drawn by the Troy and Boston Railroad Company upon said Merchants and Mechanics’ Bank. The Troy and Boston Railroad Company kept a deposit account with the Merchants and Mechanics’ Bank of Troy, and made weekly payments to the…
1Opinion of the CourtBapallo, J.
To entitle the petitioner, the Chemical Bank, to the relief prayed for, it was necessary to trace into the hands of the receiver, money or property which belonged to the Chemical Bank, or which had, before the receivership, bcen set apart and appropriated to the payment of the check held by the Chemical Bank, so as to constitute a trust fund, the equitable title to which was vested in the last-named bank. It is conceded that if the Chemical Bank was merely a creditor of the Troy Bank, it could not claim a preference over other creditors, whatever may have been the origin of the claim.
The…
2Cited by49 opinions
- The People v. . the City Bank of RochesterNew York Court of Appeals · 1884
- Blakey v. BrinsonSupreme Court of the United States · 1932
- McLeod v. EvansWisconsin Supreme Court · 1886
- Jennings v. United States Fidelity & Guaranty Co.Supreme Court of the United States · 1935
- Baldwin's Bank of Penn Yan v. SmithNew York Court of Appeals · 1915
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