Kimmel v. Dickson

Citations

• 5 S.D. 221
• 25 L.R.A. 309
• 58 N.W. 561
• 1894 S.D. LEXIS 45

Syllabus

<p>1. K. delivered to a bank a certain sum of money, to be paid over to W. when he should present to the bank a warranty deed, properly executed conveying to K. certain lands; together with an abstract showing good title in W., and took a receipt from the bank reciting the purpose for which the money was so left. Subsequently, and before such deed and abstract were presented, or the money paid over, the bank failed and a receiver was appointed by the court. Held, that the money so deposited was a trust fund, and did not become assets of the bank, nor pass to the receiver as such.</p> <p>2. The fact that upon its receipt the bank gave credit to K. as of a deposit, and mingled the money so deposited with its own, without the knowledge or consent of K., did not change the character of the transaction.</p> <p>3. Under such circumstances, K. had the right to follow and reclaim the money so deposited as a trust fund, and it was the duty of the court to direct its receiver to pay the amount over to K.</p> <p>(Syllabus by the court.</p>