Rosenstein v. Mechanics & Farmers Bank

HILL, Judge.

Four questions are raised by the bank on appeal, but we find one to be dispositive. Did the court err in finding and concluding that the Robertses’ savings accounts were validly assigned to the Rosensteins?

It is undisputed that a savings account may be assigned or transferred by a depositor. Lipe v. Bank, 236 N.C. 328, 72 S.E. 2d 759 (1952). This is simple contract law, but a contract must be construed by looking at it from all “four corners.” The passbook rules governing the account at issue include, among other things, the following:

11. No assignment or transfer of the Bank Book…