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PAULSEN LUMBER, INC. v. MEYER

No. 315.

47 Wis.2d 621 (1970)

177 N.W.2d 884

PAULSEN LUMBER, INC., Respondent, v. MEYER, Appellant.

Supreme Court of Wisconsin.

Decided June 26, 1970.

Attorney(s) appearing for the Case

For the appellant the cause was submitted on the brief of Clyde M. Paust of Milwaukee, and for the respondent on the brief of Peregrine, Schimenz, Marcuvitz & Cameron and Hugh R. Braun, all of Milwaukee.

HANLEY, J.

Sec. 235.701, Stats. 1961, provides:

"Building loans; trust funds. The proceeds of any such mortgage referred to in ss. 215.22 and 235.70, shall, when paid out by such state savings and loan association or such federal savings and loan association or of any other mortgage from any other source and received by the owner of the premises or by any contractor or subcontractor performing the work and labor forthwith constitute a trust fund...

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