Angelo Legniti, Respondent v. the Mechanics and Metals National Bank of New York, Appellant, Impleaded With Others

Summary

The Court held that the plaintiff's payment to A. Bolognesi & Co. was a purchase of foreign credit, not a trust transaction, so the bank was not a trustee and could offset the funds against the firm's bankruptcy debt. Accordingly, the appellate reversal was vacated and the trial court's judgment affirmed.