City of Grafton v. Grafton Banking & Trust Co.

Maxwell, Judge:

This is an appeal from a decree of the circuit court of Taylor County declaring that the sum of $4,474.31 which was on deposit to the credit of the City of Grafton in the Grafton Banking and Trust Company when it ceased business October 10, 1931, is a trust fund now held by the receiver of the bank for the benefit of the city, under the principle applied in County Court v. Bank, 112 W. Va. 476, 164 S. E. 659.

In pursuance of a requirement of the city’s charter, Acts 1913, ch. 79, sec. 9, the city authorities designated said bank as a depository for city funds for one year…