Equitable Trust Co. of N. Y. v. First Nat. Bank of Trinidad, 275 U.S. 359 (1928)
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U.S. Supreme Court EQUITABLE TRUST CO. OF NEW YORK v. FIRST NAT. BANK OF TRINIDAD, 275 U.S. 359 (1928)
[Page 275 U.S. 359, 372]
that that rule should be applied here in determining the rights of the parties in the absence of proof of any other. But in any case, such control, if retained by the bankrupts as between themselves and the Italian bank, could not be rightfully exercised in violation of their contract with petitioner.
The case would therefore seem to be a proper one for the application of the rule announced by this court in Fourth Street Nat. Bank v. Yardley, supra, that a court of equity will lend its aid to carry into effect an agreement that an obligation shall be satisfied out of a specified credit. Applied here that rule would make effective the intention of the parties and give stability to a large and important class of banking transactions. The judgment should be affirmed.
Mr. Justice McREYNOLDS joins in this dissent.
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