Fulton v. Paper Co.

1 Citing case

  1. Squire v. Am. Express Co.

    2 N.E.2d 766 (Ohio 1936)   Cited 12 times

    In the Restatement of the Law of Trusts, Vol. 1, page 46, Section 12, the rule is stated as follows: "If money is deposited in a bank for a special purpose, the bank is a trustee or bailee of the money if, but only if, it is the understanding of the parties that the money deposited is not to be used by the bank for its own purposes." This language has been approved by this court in Fulton, Supt. of Banks, v. Escanaba Paper Co., 129 Ohio St. 90, 193 N.E. 758, and Squire, Supt. of Banks, v. Oxenreiter, 130 Ohio St. 475, 200 N.E. 503. There is, however, another vital consideration.