Allen

Joseph F. Fargo, doing business as Main Liquor & Wine Depot, appeals from “Order Approving, Settling and Allowing Report and Second Account Current of Receiver [R. E. Allen], and Instructing Receiver on Claims, etc.” Respondent Allen is general receiver of the assets of Cole’s Check Service, Inc., and Fargo’s contention on appeal is that his claim to payment out of the receivership assets was erroneously rejected by the court in said order. 1 Before bankruptcy of Cole’s Check Service, Inc., Fargo had entrusted to Cole’s the sum of $3,908.38 for deposit by it in *334 Fargo’s own bank account, which was not done.

Cole’s Check Service, Inc., prior to its bankruptcy on April 4, 1956, was engaged in business as a check seller or casher, licensed under division 3 of the Financial Code, section 12000 et seq. 2 Section 12300.3 of that code provides: "All funds received by a licensee or his agents from the sale of checks, drafts, money orders, or other commercial paper serving the same purpose and for the purpose of paying bills, invoices, or accounts of an obligor shall constitute trust funds owned by and belonging to the person from whom they were received. • • • ” The Supreme Court, in…