https://www.taxtmi.com/caselaws?id=96754 Employees' security deposits taken as a condition of employment were treated as trust moneys rather than ordinary debtor-creditor balances, because the payments were made for security and retained that character despite being placed in fixed deposit and bearing interest. In winding up, such trust money could be traced into the bank's mixed assets and satisfied ahead of the general body of creditors, with available assets applied rateably if insufficient. Claims described as lien-based were allowed on the same footing, but a claim founded only on promissory notes did not receive the same relief. en-us Wed, 18 Aug 1937 00:00:00 +0530 Tue, 10 Jan 2012 17:46:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96754 Employees' security deposits taken as a condition of employment were treated as trust moneys rather than ordinary debtor-creditor balances, because the payments were made for security and retained that character despite being placed in fixed deposit and bearing interest. In winding up, such trust money could be traced into the bank's mixed assets and satisfied ahead of the general body of creditors, with available assets applied rateably if insufficient. Claims described as lien-based were allowed on the same footing, but a claim founded only on promissory notes did not receive the same relief. Case-Laws Companies Law Wed, 18 Aug 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96754