Home > Journals > Michigan Law Review > MLR > Volume 30 > Issue 3 (1932)
Abstract
In State ex rel Sorenson v. Farmers' State Bank of Polk (Lindquist, Intervenor) the beneficiary of a trust fund converted by the bank, subsequently becoming insolvent, was allowed to resort to equity and recover the trust fund as a preferred claim against the general assets of the bank. The beneficiary deposited a promissory note in the sum of $4,500 in the bank for a special purpose and the bank, without authority, indistinguishably mingled the proceeds of this note with the general mass of bank assets. The amount of actual cash on hand when the insolvent bank was taken over by the receiver was $1,817.51.
Recommended Citation
TRUSTS -TRACING OF ASSETS - PREFERENCE,
30
Mich. L. Rev.
441
(1932).
Available at:
https://repository.law.umich.edu/mlr/vol30/iss3/11