Loco Credit Union v. Reed

OPINION

OMAN, Justice.

Plaintiff, Loco Credit Union, brought suit against defendant, Fred A. Reed, to recover on a note executed on March 10, 1972, and to foreclose Loco’s claimed interest in collateral purportedly pledged by Fred to Loco as security for payment of the note. Janet Reed, the former wife of Fred, claimed an interest in the said collateral, and, therefore, was made a party defendant. The collateral consisted of funds on deposit in a shares account with Loco. The position of Loco was that these funds were held in a joint account by Fred and Janet, and so much thereof as was…