The Commercial Savings Bank and Trust Company of Toledo, Ohio, in March 1931, executed an instrument called a Declaration of Trust, in which it recited that it had transferred to its trust department certain notes and mortgages for the purpose of issuing certificates of participation therein. The notes alone were physically transferred to the trust department, the mortgages being retained by the real estate loan department of the bank. The real estate loan department also collected the interest and principal on the notes transferred to the trust department. The Declaration of Trust expressly authorized the trust department to make substitutions in the mortgages constituting the trust fund. In August 1931, the bank became insolvent and the Superintendent of Banks took it over for liquidation. Through two actions, one brought by a certificate holder and the other by a general depositor, it was held, that the trust is invalid and the certificate holders will be placed in the position of general creditors of the bank. Ulmer v. Fulton, Superintendent of Banks, 129 Ohio St. 323, 195 N. E. 557 (1935).