The People of the State of New York v. the City Bank of Rochester. in the Matter of the Application of Sartwell Et…

Summary

The Court affirmed the order of the General Term requiring the receiver to pay the firm’s notes from the funds in his hands and awarded costs to the petitioners. It held that the bank‑petitioner transaction created a trust for the specific payment of the notes, obligating the receiver, and that the application was a special proceeding permitting discretionary award of costs.