Opinion ID: 1503274
Heading Depth: 1
Heading Rank: 3

Heading: The Certified Check Claim.

Text: The oil company is the holder of a certified check for $250 certified by the Peoples First National Bank, a corporation whose assets were transferred to, and whose liabilities were assumed by, the failed bank when the latter took over the business of the former. There is no contention that the Peoples First National Bank was insolvent when it was taken over by the failed bank; and we know of no theory upon which any part of its assets could be held to be charged with a trust for the payment of an outstanding check which it had certified. McDonald v. Williams, 174 U.S. 397, 401, 19 S.Ct. 743, 43 L.Ed. 1022. When the failed bank took over the assets and assumed the liabilities of the Peoples First National Bank, it became a debtor and nothing more with respect to the certified check. The sale of national bank's assets is not assailed as fraudulent, and there is no basis whatever upon which any of the assets of the failed bank, which constitute a trust fund for the payment of its creditors generally, can be charged with a special trust for the payment of the creditor who holds the certified check. For the reasons stated, the decree appealed from will be affirmed. Affirmed.