In re DAYTON TITLE AGENCY, INC., Debtor.
The White Family Companies, Inc.; Nelson D. Wenrick, Appellees,
v.
Ruth A. Slone, as Trustee of the Bankruptcy Estate of Dayton Title Agency (12-3265); PNC Bank, National Association, successor by merger to National City Bank (12-3359), Appellants.
United States Court of Appeals, Sixth Circuit.https://leagle.com/images/logo.png
Argued: January 16, 2013.
Decided and Filed: July 31, 2013.
Rehearing Denied August 27, 2013.
Attorney(s) appearing for the Case
ARGUED: Stephen D. Brandt , Dayton, Ohio, for Appellant in 12-3265. Marcel C. Duhamel , Vorys, Sater, Seymour and Pease LLP, Cleveland, Ohio, for Appellant in 12-3359. Paul H. Shaneyfelt , Dungan & Lefevre Co., L.P.A., Troy, Ohio, for Appellee White Family Companies in 12-3265 and 12-3359. Dianne F. Marx , Sebaly Shillito + Dyer, Dayton, Ohio, for Appellee Wenrick in 12-3359. ON BRIEF: Stephen D. Brandt , Dayton, Ohio, for Appellant in 12-3265. Marcel C. Duhamel , Heather M. Lutz , Vorys, Sater, Seymour and Pease LLP, Cleveland, Ohio, Terry M. Miller , Vorys, Sater, Seymour and Pease LLP, Columbus, Ohio, for Appellant in 12-3359. Paul H. Shaneyfelt , Dungan & Lefevre Co., L.P.A., Troy, Ohio, for Appellee White Family Companies in 12-3265 and 12-3359. Dianne F. Marx , Sebaly Shillito + Dyer, Dayton, Ohio, for Appellee Wenrick in 12-3359.
Before: BATCHELDER, Chief Judge; MERRITT and KETHLEDGE, Circuit Judges. BATCHELDER, C.J., delivered the opinion of the court in which, MERRITT and KETHLEDGE, J.J., joined. MERRITT, J. (pp. 686-87), delivered a separate concurrence.
United States Court of Appeals, Sixth Circuit.
OPINION
ALICE M. BATCHELDER, Chief Judge.
I.
Dayton Title Agency (Dayton Title) was a small company that brokered financial transactions, primarily real estate closings. As part of its operation, it had an "IOTA" (Interest on Trust Account) banking account at PNC Bank (then National City Bank)1 to hold clients' funds in trust as money was passed from one party to the other in a transaction.
Dayton Title facilitated...
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