https://www.taxtmi.com/caselaws?id=96782 Employee cash security deposits taken under service rules for faithful performance of service were treated as trust moneys, not ordinary bank deposits forming part of the bank's assets. Their separate receipt and maintenance in a distinct account supported the trust character of the arrangement, and the fact that interest was payable did not by itself convert the relationship into one of debtor and creditor. The deposits were therefore excluded from distribution among general creditors on winding up, and the employees were entitled to payment of their deposits with interest up to the date of winding up. en-us Fri, 18 Nov 1938 00:00:00 +0530 Wed, 11 Jan 2012 11:06:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96782 Employee cash security deposits taken under service rules for faithful performance of service were treated as trust moneys, not ordinary bank deposits forming part of the bank's assets. Their separate receipt and maintenance in a distinct account supported the trust character of the arrangement, and the fact that interest was payable did not by itself convert the relationship into one of debtor and creditor. The deposits were therefore excluded from distribution among general creditors on winding up, and the employees were entitled to payment of their deposits with interest up to the date of winding up. Case-Laws Companies Law Fri, 18 Nov 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96782