Plano Manufacturing Co. v. Auld
South Dakota Supreme Court
Appeal from circuit court, Aurora county. Hon. Frank Smith, Judge. Action by the Plano Manufacturing Company against O. P. Auld, as receiver of the Bank of Plankinton, to establish a trust upon the assets in the hands of the receiver. From the judgment in favor of the plaintiff for less that the relief demanded, both parties appeal.
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Appeal from circuit court, Aurora county. Hon. Frank Smith, Judge. Action by the Plano Manufacturing Company against O. P. Auld, as receiver of the Bank of Plankinton, to establish a trust upon the assets in the hands of the receiver. From the judgment in favor of the plaintiff for less that the relief demanded, both parties appeal. The court erred in rendering judgment to the effect that appellant was only to be paid pro rata with other claims out of the amount of money on hand at the time the receiver took possession of the bank, but should have decreed that as there appeared to be assets…
1Opinion of the CourtFuller, P. J.
With the judgment in this action to require the receiver of an insolvent banking corporation to pay the full aniount of a promissory note collected for plaintiff by the bank shortly before its failure neither party is satisfied, and both have appealed. The facts as found by the court are undisputed, and substantially these: The note, being for $879, was paid to the bank by the maker thereof on the 13th day of December, 1899, and the amount was not remitted to the owner, but commingled with the funds of the bank. On the 22d day of January, 1900, when the receiver took possession of the assets…
2Cases cited9 opinions
- National Bank v. Insurance Co.Supreme Court of the United States · 1881
- The People v. . the City Bank of RochesterNew York Court of Appeals · 1884
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- Harrison v. SmithSupreme Court of Missouri · 1884
- Continental National Bank v. WeemsTexas Supreme Court · 1888
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