Leonard v. First Commercial Mortgage Co. (In Re Circuit Alliance, Inc.)

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• finding managing agent failed to sustain burden to show value where payments from corporation were not authorized for his personal expenses
• identifying banks, escrow and title companies, securities or investment brokers, and attorneys holding client monies in escrow, trust, or on deposit as “ ‘mere conduits’ ”
• “unfettered legal right to use the funds for the possessor’s own purposes and benefit”
• “Generally, ‘mere conduits’ hold transferred funds via escrow, trust, or deposit, and do so only in the status of commercial or professional intermediaries for the parties that actually hold or receive a legal right, title, or interest.”

Source: CourtListener parenthetical corpus (CC0).