Board of Levee Com'rs v. Powell

Citations

• 109 Miss. 415
• 69 So. 215

Syllabus

<p>States. Public funds. Insolvency of depository. Priority. Statutes.</p> <p>Under Code 1906, section 3485, providing that all money deposited in a bank by an officer having the custody of public funds is prima facie public money, and a trust fund, and not liable to be taken by general creditors of the officer or of the depository, and Laws 1908, chapter 97, requiring banks, before being entitled to any deposit of funds of a board of levee commissioners, to deposit with the treasurer of such board bonds equivalent to fifty per cent, of the estimated maximum amount to be kept on deposit, and declaring that such additional security should not be a waiver of any rights conferred by law upon the commission in the matter of recovering public moneys or trust funds from banks in 'which they might be deposited, such board, upon the failure of a bank which had complied with the statute, was entitled to priority of payment from its receiver.</p>