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MATTER OF QUANTUM DEVELOPMENT CORP.

Nos. 75-2050, 75-2051.

534 F.2d 532 (1976)

In the Matter of QUANTUM DEVELOPMENT CORP., Debtor. AMERICAN FIDELITY FIRE INSURANCE CO. v. Charles JOY, Receiver, and Charles Tait, Temporary Receiver, First National City Bank. Albert C. LANG, Trustee and American Fidelity Fire Insurance Company v. The BANK OF NOVA SCOTIA, Appellant in No. 75-2050. Appeal of FIRST NATIONAL CITY BANK, in No. 75-2051.

United States Court of Appeals, Third Circuit.

Decided March 24, 1976.

Attorney(s) appearing for the Case

Leo H. Hirsch, Jr., New York City, for appellee American Fidelity Fire Insurance Co.; William T. Holmes, Christiansted, St. Croix, V.I., of counsel.

Isherwood, Colianni, Alkon & Barnard, Christiansted, St. Croix, V.I., for appellant The Bank of Nova Scotia; James H. Isherwood, Geoffrey W. Barnard, Christiansted, St. Croix, V.I., of counsel.

Shearman & Sterling, New York City, Loud & Campbell, Charlotte Amalie, St. Thomas, V.I., for appellant First National City Bank; Matthew C. Gruskin, New York City, Roger L. Campbell, Charlotte Amalie, St. Thomas, V.I., of counsel.

Before ALDISERT, WEIS and GARTH, Circuit Judges.

GARTH, Circuit Judge.

We are called upon to determine the liability of banking institutions which were not designated as official bankruptcy depositories under the Bankruptcy Act but which nevertheless accepted deposits of bankruptcy funds that were subsequently embezzled. We affirm the district court's order which held both banks liable to the bankrupt's surety even though we do so on a theory different than that adopted by the district court.

I.

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