Court Opinion

ID: 6697554
Source: CourtListenerOpinion
Date Created: 2022-07-20 21:57:57.780069+00
Date Added: 2024-06-11T16:01:17.989928
License: Public Domain

Brogden, J.
Eliminating scenery and background, the case is this: The Central Bank and Trust Company was trustee under a trust indenture to hold securities for the protection of a bond issue duly made by the Securities Company. Certain bonds of such issue were sold, and the purchaser paid the money to the trustee. The trustee commingled the money and appropriated the same to its own use. The facts interpreted in the light of recent cases dealing with preferences, disclose that this money had a string tied to it or an invisible legal fence about it, setting it apart from the general funds of the bank. Therefore, the judgment is affirmed upon authority of Parker v. Trust Co., 202 N. C., 230, 162 S. E., 564, and Flack v. Hood, Comr., ante, 337.
Affirmed.