Reichert v. Midland County Savings Bank

In March, 1929, J. C. Arthurs contracted to drill an oil well for Sias Oil Development Company, payment therefor to he made in five installments, as the work progressed. April 16th, claimant Gallagher, trustee, mailed defendant bank a $11,125 check, the proceeds to be held by the bank in escrow and to be paid Arthurs as installments became due under his contract. April 19th, the bank acknowledged receipt of the check and stated:

“The money is being placed in escrow in the form of five certificates of deposit from R. W. Gallagher, trustee, to J. C. Arthurs (as per contract), payable as…