https://www.taxtmi.com/caselaws?id=97183 Money deposited for a specific and limited purpose, such as earnest money for a tender, does not remain trust money once that purpose has been fully achieved before the bank enters voluntary liquidation. After the object of the deposit is completed, no subsisting trust continues at the time of liquidation, so the depositors cannot claim preferential status as preferential creditors on that basis. The claim to priority therefore failed, and the rejection of preferential status was affirmed. en-us Fri, 18 Jul 1952 00:00:00 +0530 Sat, 14 Jan 2012 12:50:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97183 Money deposited for a specific and limited purpose, such as earnest money for a tender, does not remain trust money once that purpose has been fully achieved before the bank enters voluntary liquidation. After the object of the deposit is completed, no subsisting trust continues at the time of liquidation, so the depositors cannot claim preferential status as preferential creditors on that basis. The claim to priority therefore failed, and the rejection of preferential status was affirmed. Case-Laws Companies Law Fri, 18 Jul 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97183