A trustee company, in breach of its trust, but without fraud, more than six years before the action was brought invested upon deposit receipt for fixed periods trust moneys in a bank which while they remained so invested, in 1892, went into liquidation. In October of that year the trustee company applied for and accepted in full satisfaction and discharge of the liability of the bank in liquidation deposit receipts for fixed periods for similar amounts in a new company formed to purchase the assets of and take over the liabilities of the bank in liquidation.