What is the test for establishing that a trust fund has been established for the purpose of augmenting the property passing to a receiver?
MultiRegion, United States of America
The following excerpt is from American Can Co. v. Williams, 178 F. 420 (2nd Cir. 1910):
'The same difficulty presents itself here, and while the rule laid down by Mr. Justice Bradley has been recognized and applied by this court (National Bank v. Insurance Company, 104 U.S. 54, 67 (26 L.Ed. 693), and cases cited), yet, as stated by the Chief Justice, 'purchases made and paid for out of the general mass cannot be claimed by the bank, unless it is shown that its own moneys then in the fund were appropriated for that purpose.' And this the evidence fails to establish as to any other property than that designated in the decree.'
So in Beard v. Independent Dist. of Pella City, 88 F. 375, 379, 31 C.C.A. 562, the court, in speaking of augmenting the property passing to a receiver by trust funds-- using the phrase upon which the plaintiff relies-- said:
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