Commonwealth v. American Trust Co.

Citations

• 241 Pa. 153
• 88 A. 430
• 1912 Pa. LEXIS 601

Syllabus

<p>Trust companies — Insolvency—Distribution of assets — Deposits —Act of May 8,1907, P. L. 192 — Checks.</p> <p>Checks drawn on a trust company by depositors therein, presented for payment to the trust company by the holders, accepted, charged against the accounts of the drawers, and the trust company’s cheek on another bank given in exchange therefor, are not deposits within the meaning of the Act of May 8, 1907; and if the trust company becomes insolvent such checks have no preference as deposits.</p>