Louisville Banking Co. v. Paine
Mississippi Supreme Court
From the chancery court of Monroe county. Hon. Baxter McFarland, Chancellor. The Louisville Banking Company exhibited this bill against appellee as the receiver of the insolvent bank of Gattman & Co., to establish and enforce a trust upon the assets of the bank for the sum of $2000 and interest.
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From the chancery court of Monroe county. Hon. Baxter McFarland, Chancellor. The Louisville Banking Company exhibited this bill against appellee as the receiver of the insolvent bank of Gattman & Co., to establish and enforce a trust upon the assets of the bank for the sum of $2000 and interest. The material facts alleged in the bill are as follows:— One Mayer, a merchant in Aberdeen, Miss., had upon deposit with Gattman & Co., bankers of that city, about the sum of $18,000, and, being about to leave upon a purchasing trip to the North, directed said bank to apply a portion of his deposit to…
1Opinion of the Court
Campbell, J.,
delivered the opinion of the court..
We fully approve the principle applied in Ryan v. Paine, 66 Miss. 678, and stand ready to apply it again in a like case, but this is a very different one.
Here there was no trust. Mayer, the customer of the Gattman & Co. bank, directed it to apply a portion of his deposit to the payment of specified claims thereafter to mature, and among these was that of the appellant. Gattman & Co. assented to this and provision for it was made by Mayer drawing his check' on Gattman & Co. for the required sum. The appellant was no party to this arrangement,…
2Cases cited3 opinions
- Trustees of Howard College v. PaceSupreme Court of Georgia · 1854
- Wm. Ryan & Sons v. PaineMississippi Supreme Court · 1889
- Van Eaton v. NapierMississippi Supreme Court · 1885
3Cited by3 opinions
- Deposit Guaranty Bank & Trust Co. v. Silver Saver Stores, Inc.Mississippi Supreme Court · 1933
- County of Lincoln v. Farmers State BankSupreme Court of Minnesota · 1931
- Jourdan v. BennettMississippi Supreme Court · 1919