Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

Johnson v. Citizens National Bank

AUGUST 7, 1975.

CHARLES M. JOHNSON ET AL., PLAINTIFFS-APPELLANTS,

v.

THE CITIZENS NATIONAL BANK OF DECATUR, DEFENDANT-APPELLEE.



APPEAL from the Circuit Court of Macon County; the Hon. FRANK J. GOLLINGS, Judge, presiding.

MR. PRESIDING JUSTICE SIMKINS DELIVERED THE OPINION OF THE COURT:

Rehearing denied September 9, 1975.

Plaintiffs brought suit to recover funds which, they alleged, had been wrongfully credited to the personal account of an employee of Federal North Iowa Grain Company (hereinafter Federal) by defendant Citizens National Bank (hereinafter Bank or Citizens). The circuit court ruled that the provisions of the Uniform Fiduciaries Act provided the Bank with a complete defense. Plaintiffs are appealing that decision.

The parties stipulated to the only facts which were presented to the trial court. Merle Wilham was an employee of Federal and was authorized to draw drafts in the name of Federal. From November of 1964 to January of 1967, Mr. Wilham drew the 23 drafts in question here. They totaled $22,574.35. These drafts were attached to the stipulation. Below is an example. They varied only in amount and date.

------------------------------------------------------------------------- Federal North Iowa Grain Co. Radford, Illinois

Date 1-15-65

Pay to the order of Citizens National Bank $418.50 the Sum of $418 and 50 cts Dollars

Payable through Federal North Iowa Grain Co. Continental Illinois National Bank Merle W. Wilham

and Trust Company of Chicago, Illinois an authorized signature -------------------------------------------------------------------------"

Mr. Wilham had a personal checking account with Citizens. Pursuant to Mr. Wilham's direction, Citizens deposited all proceeds of these drafts into that account, which was a joint account with his wife. Money from other sources was deposited into that account by both Mr. and Mrs. Wilham and both drew from it.

In May of 1966, Mr. Wilham became indebted to Citizens, for an installment loan in the amount of $2,464.56. Regular monthly payments were made. In December of 1966, one such payment of $130.58 was made from the account into which the Federal drafts had been deposited.

Citizens had no relationship with Federal and never requested instructions from Federal as to the disposition of any proceeds.

On September 25, 1968, Federal demanded payment from Citizens, ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.