Parker v. Central Bank & Trust Co.

The questions of law involved in the appeal may be stated as follows:(1) Is the deposit which is the subject of the controversy “a deposit for a specific purpose” as contemplated and defined by law?(2) Does such deposit entitle the owner or beneficiary thereof to a preferred claim upon the assets of an insolvent bank?

Bank deposits are classified by law as general deposits, special deposits, and deposits for a specific purpose. The definitions of such de posits are set forth in Corporation Commission v. Trust Co., 193 N. C., 696, 138 S. E., 22. Tbe Court says: “A deposit for a specific purpose…