https://www.taxtmi.com/caselaws?id=96816 The text explains that creation of a trust over deposited movable property requires intention to create a trust, an identifiable purpose, beneficiary and trust property, and where needed transfer to the trustee; letters and account conditions purporting to secure company liabilities and to assign deposits for the company's benefit were held to lack the requisite manifestation of intention by subscribers, so the bank did not hold the funds as trustee and the company liquidator cannot claim preferential payment-the amounts must be proved as ordinary debts in the bank's liquidation. en-us Thu, 08 Aug 1940 00:00:00 +0530 Wed, 11 Jan 2012 12:59:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96816 The text explains that creation of a trust over deposited movable property requires intention to create a trust, an identifiable purpose, beneficiary and trust property, and where needed transfer to the trustee; letters and account conditions purporting to secure company liabilities and to assign deposits for the company's benefit were held to lack the requisite manifestation of intention by subscribers, so the bank did not hold the funds as trustee and the company liquidator cannot claim preferential payment-the amounts must be proved as ordinary debts in the bank's liquidation. Case-Laws Companies Law Thu, 08 Aug 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96816