Dundon

The plaintiff is one of the depositors of the defendant bank, of which, since April, 1894, the defendant McDonald has been president, and the other defendants directors. Since some time in June, 1893, the bank has been in liquidation under the Bank Commiskoners’ Act of March 30, 1878, and its amendments. The suit was brought by the plaintiff on behalf of himself and other depositors, and its object— or at least its main object—was to assert the equitable title of the bank to one hundred and fifty-six bonds of the Los Angeles Railway Company, which had been received by the defendant McDonald in lieu of one hundred and fifty bonds of the Los Angeles Consolidated Electric Railway Company, to whose property interests ; the former company had succeeded. The bonds of the latter company, prior to August 1, 1895, had belonged to the defendant bank, and the claim of the plaintiff and the bank is that they were acquired by McDonald under such circumstances as to make him, constructively, the trustee of the latter. The findings and judgment were in favor of the plaintiff and the defendant bank; and provision was made in the judgment for the sale of the bonds, and the payment of the proceeds…