https://www.taxtmi.com/caselaws?id=97736 A cash deposit given by a third party as security specifically earmarked to meet claims under an agency agreement retains the character of trust property where the company in liquidation has no enforceable claim; consequently the sum and accrued interest do not vest in the liquidator and are not part of the company's assets available for distribution. The form of the security (cash versus other assets) is immaterial to this classification. The operative effect is that the deposit with interest must be returned to the depositor before other creditors are paid. en-us Wed, 17 Aug 1960 00:00:00 +0530 Tue, 17 Jan 2012 18:03:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97736 A cash deposit given by a third party as security specifically earmarked to meet claims under an agency agreement retains the character of trust property where the company in liquidation has no enforceable claim; consequently the sum and accrued interest do not vest in the liquidator and are not part of the company's assets available for distribution. The form of the security (cash versus other assets) is immaterial to this classification. The operative effect is that the deposit with interest must be returned to the depositor before other creditors are paid. Case-Laws Companies Law Wed, 17 Aug 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97736