Union Stock Yards Bank v. GillespieAnnotate this Case
137 U.S. 411 (1890)
U.S. Supreme Court
Union Stock Yards Bank v. Gillespie, 137 U.S. 411 (1890)
Union Stock Yards Bank v. Gillespie
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
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
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.
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