Mertes v. Lincoln Park Federal Savings & Loan Ass'n

This is a suit for an accounting of funds deposited by Peter Mertes in a savings account at the Lincoln Park Federal Savings and Loan Association, Chicago. The plaintiff is his widow, and the defendants are the association and the three children of Mertes’ first marriage whom he had designated as beneficiaries of the account. The account was in the form of a savings certificate of the type often called a “Totten trust.” Under its terms, Mertes, as trustee, could withdraw all or part of the funds at will and the named beneficiaries would receive the remaining balance upon his death.

The…