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Supreme Court of Pennsylvania· 1/7/1924

Vosburgh's Estate

Citations

  • 279 Pa. 329
  • 123 A. 813
  • 1924 Pa. LEXIS 732

Syllabus

<p>Trusts and trustees — Promissory notes — Proceeds of notes — Deposits of hank — Identification of trust funds — Negotiable instruments — Act of May 16, 1901, P. L. 194.</p> <p>1. Where renewal notes are sent by the maker to the payee to be discounted and the proceeds used to lift the old notes, and, between the day of discount and time for payment, the payee dies, these funds identified are fixed with a trust in the maker’s favor.</p> <p>2. The Negotiable Instruments Act of May 16, 1901, P. L. 194, permits the conditional delivery of such notes for a special purpose.</p> <p>3. Every person who receives money to be paid to another or to be applied to a particular purpose is a trustee, if so applied, as well as when not so applied.</p> <p>4. If he deposits such moneys with his own moneys, and after-wards takes sums from the common mass for his own use, it will be presumed, so long as the mass is as large as the original trust funds, that the sums so taken are his own and not the trust funds.</p>

How courts have described this case

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

  • bank’s commingling of funds does not destroy trust fund as to sum on deposit as long as bank has cash on deposit that is at least equal to the amount of the fund
  • “[E]very person who receives money to be paid to another or to be applied to a particular purpose is a trustee, if so applied, as well as when not so applied.”
  • “[E]very person who receives money to be paid to another or to be applied to a particular purpose is a trustee, if so applied, as well as when not so applied.”

Source: CourtListener parenthetical corpus (CC0).

Judges: Frazer, Kephart, Moschzisker, Sadler, Schaffer, Simpson, Walling

Read full opinion on CourtListener

Cited by

27 cases in this archive cite this case; the 20 most cited are listed.

Cites

4 cases in this archive are cited by this case.

Sourced from CourtListener / Free Law Project (CC0).

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.