Lebanon Bank & Trust Co. v. Grandstaff

This is a controversy over a deposit in the Watertown Branch of the Lebanon Bank ’& Trust Company.

T. R. Patton by a deed of trust had conveyed a tract of land to T. A. Young, trustee, to secure certain indebtedness. On January 25, 1935, T. A. Young, trustee, made a foreclosure sale of the land. Fred Cox became the purchaser at the price of $1,225. On January 29, 1935, he gave the trustee his check for $1,225, drawn on the Watertown office of the Lebanon Bank & Trust Company. This check was payable to “T. A. Young, Trustee,” and it recited it was “In full payment of land purchased under…