Louisville Banking Co. v. Paine

Citations

• 67 Miss. 678

Syllabus

<p>Bank. Direction to pay debt. Insolvency. Trust.</p> <p>A customer of a bank directed it to apply a portion of his deposit to the payment of certain debts thereafter to mature, among them his debt to complainant, and drew his check for the requisite amount, which was charged to his account, and in due time the bank forwarded to complainant its New York check for the amount of the debt, but meantime failed, and the oheck was dishonored. Held, in a chancery suit by complainant to impress a trust upon the assets of the bank in the hands of its receiver, that, as complainant was not a party to the debtor’s arrangement, his direction to the bank was revocable and no trust was created.</p>