Matter of Cavin v. . Gleason
New York Court of Appeals
Appeal from order of the General Term of the Supreme Court in the fourth judicial department made January 12, 1886, which affirmed an order of Special Term directing John B. Gleason, as assignee for the benefit of creditors of Seth H. "White, to pay the petitioners out of the funds in his hands the sum of $877.27; the balance unpaid of a fund of $3,000 which was placed by them in- the hands of the assignor January 3, 1883, to be invested by him for their benefit in a bond…
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Appeal from order of the General Term of the Supreme Court in the fourth judicial department made January 12, 1886, which affirmed an order of Special Term directing John B. Gleason, as assignee for the benefit of creditors of Seth H. "White, to pay the petitioners out of the funds in his hands the sum of $877.27; the balance unpaid of a fund of $3,000 which was placed by them in- the hands of the assignor January 3, 1883, to be invested by him for their benefit in a bond and mortgage to be given by J. P. Gould. The further facts appear in the opinion. The petitioners must trace their…
1Opinion of the CourtAndrews, J.
It may properly be conceded that the $3,000 received by White from the petitioners January 3, 1883, for investment in the Gould mortgage, constituted in his hands a quasi trust fund, which White was bound to use for the specific purpose contemplated, and which he could not divert to any other use without committing a breach of trust. The securities which formed the greater part of the fund were immediately convertible into money and authority in White to make such conversion was implied, but only as a means of realizing the money with which to make the mortgage loan. The securities while in…
2Cases cited2 opinions
- The People v. . the City Bank of RochesterNew York Court of Appeals · 1884
- Silsbury & Calkins v. McCoon & ShermanNew York Court of Appeals · 1850
3Cited by132 opinions
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- Nonotuck Silk Co. v. FlandersWisconsin Supreme Court · 1894
- Whiting v. . Hudson Trust Co.New York Court of Appeals · 1923
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