46 Pa. Super. 423 | Pa. Super. Ct. | 1911
Opinion by
This is an appeal from the decree of the court below distributing the funds in the hands of J. H. Rathfon, receiver of the City Saving Fund & Trust Company of Lancaster, an insolvent corporation. The appeal is by Charles T. Waldo, executor of the will of Sarah W. Haines, deceased, who asserts that the claim which he represents is entitled to preference in payment, as against the demands of the general creditors of the insolvent corporation. Waldo, as executor, had been required to give bond, the trust company had become his surety, and there had been delivered and transferred to said company, by or on behalf of the executor, to indemnify it against loss on account of said suretyship, a certificate of deposit for $1,237.17, issued by the Rising Sun National Bank of Rising Sun, Maryland. This certificate had been issued to Sarah W. Haines in her lifetime, was dated October 13, 1903, and payable twelve months after the date thereof, with interest at the rate of three per cent per annum. The trust company collected the amount of the certificate, with the interest, when it became payable, in October, 1904. The trust company failed, in the latter part of January, 1905, and Rathfon was duly appointed receiver to wind up its affairs. The receiver having filed an account this appellant asserted the right to have the claim which he represented paid in full out of the fund for distribution, which claim the court below disallowed and awarded to the appellant the same percentage upon his claim which was paid to other creditors; from that decree we have this appeal.
The specifications of error are many, but those which have even a remote connection with the question which controls this case are few. Let it be conceded that the claim of the appellant grew out of a trust relation, and, further, that the insolvent trustee had been guilty of
The decree of the court below is affirmed and the appeal ‘ dismissed at cost of the appellant.