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>