Opinion
Gen. No. 40,934. (Abstract of Decision.)
Opinion filed May 20, 1940
BANKING, § 165.1 — constructive trust. Where bank officers were instructed by plaintiff to use money he left with them to purchase liberty bonds, but instead of doing so they deliberately "put him off" in order to prevent withdrawal of funds when bank was in a straitened condition, the money constituted a trust fund, giving plaintiff priority over general creditors upon insolvency of bank, and equality with beneficiaries of other trusts in writing.
See Callaghan's Illinois Digest, same topic and section number.
O'CONNOR, J., dissenting.
Appeal from Superior Court of Cook county; Hon. JOHN J. LUPE, presiding.
Reversed and remanded with directions. Heard in first division, first district, this court at October term, 1939.
Schnackenberg, Hansen Towle and Harry I. Weisbrod, for appellant;
Elmer J. Schnackenberg, of counsel;
Nash, Ahern, McDermott, McNally Kiley, for certain appellee;
Richard F. Shay and John J. Kennelly, of counsel;
Maurice L. Davis, for certain other appellee;
Maurice L. Davis, of counsel.
Edward Berkson, pro se.
"Not to be published in full." Opinion filed May 20, 1940.