Fidelity & Deposit Co. of Maryland v. Peoples Exchange Bank of Thorp

Appellant relies on Evenson v. Waukesha Nat. Bank (1926), 189 Wis. 170, 207 N. W. 415. In that case two certificates of deposit issued to Evenson were stolen, indorsed by the thief and deposited to his account in the defendant Waukesha National Bank. Plaintiff, the true owner of the certificates, brought action against the defendant bank, which interpleaded the two issuing banks. It was held that as to the plaintiff, defendant had no defense since it unlawfully converted his certificates to its own use. As to the issuing banks, it was held that the defendant became a guarantor of the…