Where a person has in his hands money which in equity and good conscience belongs to and ought to be paid to another, an action for money had and received will lie for the recovery of such money and no privity of contract is necessary to sustain the action.20 This principle will apply where one received money as a trustee for a specific purpose, and failed to apply it to that purpose.21 It will also apply to money received by a person as agent, for a third person.22

18 21 Kan., 99.

19 Leopold vs. Salkey, 89 I11., 412;

31 Am. Rep., 93; Fuller vs.

Brown, 11 Met., 440; Green vs. Gilbert, 21 Wis., 395.