Lowest intermediate balance rule
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 232 U.S. 707 - Schuyler v. Littlefield · 1914Most cited · 344 citing opinions
The case involves an application of the rule that where one has deposited trust funds in his individual bank account, and the mingled fund is at any time wholly depleted, the trust fund is thereby dissipated, and cannot be treated as reappearing in sums subsequently deposited to the credit of the same account.