Page:Federal Reporter, 1st Series, Volume 4.djvu/64

 50 FEDERAL REPORTER. �"Pay to tHe order of Wm. J. Flynn and S. A. Johnson, president and secretary of the Lambert Building & Loan Association. W. F. Casey, �"Treasurer of Lambert Building & Loan Association. �"Aug. 14, 1875." — and delivered the certificats so indorsed to Johnson. He also paid the latter a small sum of «loney, in full of the bal- ance due by him as treasurer, and took Mr. Johnson's receipt in full. At the same time Johnson drew up, and Casey signed and handed Johnson, his resignation of the office of treasurer of the association. Down to the close of this trans- action it does not appear that Johnson, or any member or officer of the association, except Casey himself, had any knowledge or information whatever of Casey's insolveney. But later, on the same day, (whether before Casey left John- son's office', or at a second visit, does not clearly appear,) he informed Johnson that he was in peouniary difficulties. �The money deposited in the Bank of Pittsburgh was not drawn from that bank until August 18, 1875, when it was drawn by S. A. Johnson, secretary, and George F. Ewens, vice-president, of the association, both of whom then knew of Casey's insolveney. The latter executed a deed of voluntary assignment, for the benefit of his creditors, on August 19, 1875. On the twelfth of October, 1875, certain of his cred- itors filed a petition against him for his adjudication as a bankrupt,; and he was subsequently so adjudicated. �The present action is by his assignee in bankruptcy to recover the $6,000 deposited as already mentioned in the Bank of Pittsburgh. The right of the plaintiff to recover depends, I think, upon the determination of the question, when did the title to the fund in controvexsy vest in the Lambert Building & Loan Association? I am of opinion that it 80 vested at the time of the deposit on August 13, 1875. �It is argued that some affirmative act of ratification on the part of the association was necessary before the title to the fund vested in the association, and that no such act bas been ����