received they should be regarded as held in trust for it, he found that on December 29, 1930, the bank was, within the knowledge of its officers, hopelessly and irretrievably insolvent, and that the receipt of the deposits of that day as general deposits was a fraud upon the company, operating to make them trust funds. That a part of them, to wit, $2,381.93, had been traced into the receiver's hands and that defendant should have judgment for them. Finding that no part of the general deposits of December 27 had been properly traced into the hands of the receiver, he found it unnecessary to decide whether their receipt on that day as general deposits was fraudulent so as to make them trust funds. Finding, however, that certainthe bank than they were in this case. They were in the possession there of the trust officer, who held them, not as agent for the bank, but in trust for the company. That decision holding the pledge agreement invalid, and directing the trustee to surrender the bonds to the receiver, fully supports the decision of the District Judge here, holding the agreement to be without force or effect, and directing the delivery of the securities to the receiver. It was there decided that the bank and the company had made two agreements; a legal one, that the company should continue to be a general depositor of the bank sustaining the relation and being entitled to all the service which goes with the relation, including the right of