(DOWNLOAD) "Maser v. Farmers Etc. Bank of Winnett" by Supreme Court of Montana # Book PDF Kindle ePub Free
eBook details
- Title: Maser v. Farmers Etc. Bank of Winnett
- Author : Supreme Court of Montana
- Release Date : January 13, 1931
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 65 KB
Description
Banks ? Conversion of Special Deposit ? Duties and Liability of Depositary ? Pledges. Banks ? Depositaries ? Acceptance of Deposit as Security for Return of Borrowed Personalty ? Bank a Pledge-holder. 1. Where a bank accepts a special deposit as a pledge to secure the return of borrowed personal property by the pledgor to a third person, it becomes a pledge-holder within the meaning of section 8299, Revised Codes 1921, burdened with the duties and obligations of a depositary. Same ? When Depositary Liable to Owner of Pledged Property. 2. A bank, holding money as bailee or pledge-holder, which receives notice that one other than the bailor or pledgor is the true owner thereof but notwithstanding such notice delivers it to a person other than the claimant, may be held liable for the amount thereof. Same ? Notice That One Other Than Pledgor Claims Deposit Made as Pledge ? Depositary Required to Make Reasonable Inquiry as to Ownership. 3. After a bank, acting as a pledge-holder of a deposit, receives notice that one other than the pledgor claims it as his own, it will be held to have constructive notice of all facts which reasonable inquiry by it would have disclosed, i.e., in the instant case, that the pledgor had no interest in the deposit, that it belonged to claimant, and that it was obtained through a check given the pledgor by claimant without consideration. Same ? Courses Open to Depositary Where One Other Than Person Making Deposit Lays Claim Thereto. 4. A bank with which a special deposit is made as a pledge to which one other than the depositor lays claim must allow the claimant - Page 34 a reasonable time within which to establish his right thereto; or it may pay the money into court and institute an action in interpleader to determine its ownership, or hold the money until one of the conflicting claimants commences an action against it and then require the other to defend the action. Same ? Pledges ? When Bank Guilty of Conversion. 5. By paying over a special deposit, held by it as a pledge, to one not entitled thereto under the circumstances set forth in the next paragraph, defendant bank exerted wrongful dominion over the property of the rightful claimant, amounting to conversion. Same ? Circumstances Under Which Bank Holding Special Deposit as Pledge for Benefit of Third Person Guilty of Conversion by Paying It to Person Making Deposit. 6. Plaintiff entered into a contract with one H. to drill an oil-well on her land. Being without tools and insolvent, H. borrowed them, plaintiff agreeing to deposit a sufficient sum of money in defendant bank as security for their return. She caused a cashiers check to be issued by a foreign bank in the name of H., who deposited it with defendant bank, which, with knowledge of the transaction, held it until the tools were returned. On two occasions prior to their return plaintiff notified the bank that the money represented by the check was hers and should not be paid to anyone else. The bank paid it to H. Held, under the above rules, that defendant in paying over the money without giving plaintiff a reasonable time to establish her claim was guilty of conversion and liable to plaintiff.
 "Maser v. Farmers Etc. Bank of Winnett" by Supreme Court of Montana # Book PDF Kindle ePub Free){kind=link}