Smith v. Boyd

Smith, as Liquidator of Volusia County Bank & Trust Company, appeals from a final decree rendered in favor of appellees, a majority of the bondholders committee representing holders of first mortgage bonds issued by Putnam Hotel Company. The decree appealed from adjudicated that the Trust Company had rendered itself liable as a defaulting trustee to the bondholders of the first mortgage bonds above referred to, and impressed the payment of the liability as- a preferred claim over any and all claims against the Trust Company out of a fund of $10,316.14 deposited with the State treasurer as…