Union Stock Yards Bank v. Gillespie
137 U.S. 411 (1890)

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U.S. Supreme Court

Union Stock Yards Bank v. Gillespie, 137 U.S. 411 (1890)

Union Stock Yards Bank v. Gillespie

No. 79

Argued November 17-18, 1890

Decided December 15, 1890

137 U.S. 411

APPEAL FROM THE CIRCUIT COURT OF THE UNITED

STATES FOR THE NORTHERN DISTRICT OF ILLINOIS

Syllabus

A bank, receiving on deposit from a factor, under the circumstances set forth in this case, moneys which it must have known were the proceeds of property of the factor's principal, consigned to him by the principal

Page 137 U. S. 412

for sale on the principal's account, of which moneys the principal was the beneficial owner, cannot, as against the latter, appropriate the deposits to the payment of a general balance due to the bank from the factor, and if it attempts to do so, the remedy of the principal against the bank is in equity, and not at law.

Chapman v. Forsyth, 2 How. 202, and Hennequin v. Clews,111 U. S. 676, distinguished from this case.

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