Wm. Ryan & Sons v. Paine

Citations

• 66 Miss. 678

Syllabus

<p>Trust Fund. Chancery. Bank Charging assets with collection.</p> <p>R. A. Honea, of Aberdeen, Miss., was indebted to appellants, Ryan & Sons, of Dubuque, Iowa, who drew on him through the bank of Gattman & Co., at Aberdeen, “ for collection.” Honea being a customer', although his account was overdrawn, gave his check on the bank as cash and took up the draft. The bank then sent its New York check to appellants, which was protested. Meantime Gattman & Co. had failed and appellee was appointed receiver of the assets. Honea paid n® money, but he was solvent and the check was charged to him by the bank. Held, that Ryan & Sons in equity were entitled to impress a trust on so much of the assets of the hank in the hands of the receiver as consisted of the debt from Honea incurred by the cheek for the sum due complainants.</p>