State Bank v. Central Mercantile Bank

This action was brought upon two certificates of deposit issued by the defendant bank and alleged to have been assigned to the plaintiff bank. Each recites that Charles W. Owen has deposited $25,000 in the one case, and $50,000 in the *325other, “ payable only to himself four months after date on return of this certificate properly endorsed.”

The defendant bank denied the assignment and set up various defenses and counterclaims. The defendant’s motion to dismiss was denied upon the theory that the certificates were at least assignable so as to permit suit upon them by an assignee. Defendant’s…