Buder v. Holt

Plaintiff and G.A. Franz were cotrustees and as such, placed $60,503.75 of the trust funds on time deposit in the Scruggs, Vandervoort Barney Bank, St. Louis, and received a time certificate of deposit for said sum, issued to them as trustees. The bank failed and was placed in the hands of the Commissioner of Finance on January 14, 1933, with the trust fund on deposit. At the time the bank closed, plaintiff, one of the trustees, individually owed the bank two notes, aggregating $45,000 principal. Plaintiff and his cotrustee unsuccessfully sought to get the trust fund deposit set off against…