Otis v. Gross

Citations

• 96 Ill. 612
• 1880 Ill. LEXIS 79

Syllabus

<p>1. Bank—deposit under order of court—when not entitled to preference. Where the clerk of a court, under an order of the court, making a bank a depositary of court funds, and of funds of its officers, makes a deposit of funds belonging to the court in such bank, and the bank afterwards becomes insolvent, and the deposit was not a special one, or a mere naked bailment, and there is no means of identifying the money deposited, even if the assets of the bank are in the hands of a receiver, it is error to require the receiver to pay such deposit in full, and the clerk must share pro rata with other depositors and creditors of the bank.</p> <p>2. Same—whether deposit is general or special. Where moneys deposited in a commercial savings bank were not kept separate from the general funds of the bank, or distinguished therefrom, and the entries of the same upon the bank books, and upon the deposit book of the officer making the deposit, were the same as with all other depositors, except that no interest was to be paid thereon, it was held, that the deposit, though made under a general order of the court, was not a special one, or a mere bailment, and that the money so deposited became that, of the bank, which was liable for its repayment the same as to any other depositor or creditor.</p> <p>3. PlEceiveb.—power of court to direct payment out of funds in his hands. Where the court places the assets of an insolvent bank in the hands of a receiver, it is for the benefit of all the creditors of the corporation, to be administered, distributed and paid according to the equitable claims of all such creditors, and such act. can not affect or change in the slightest degree the rights of a single creditor, and the fact that the court has acquired possession of the assets and funds, confers no legal right to retain its own general deposits in full, where the moneys deposited under its direction with the bank can not be identified.</p>