Bank of China v. Wells Fargo Bank & Union Trust Co. (Two Cases)

I cannot agree with the majority holding that the Wells Fargo be required to pay a substantial sum of interest to the Bank. The judgment of the trial court should be affirmed.

The allowance of interest is predicated upon the assertion that Wells Fargo “chose not to rely upon the protection offered by Section 953 of the California Financial Code.”1

The record affirmatively shows that Wells Fargo did not have, nor could it exercise, a choice of either fact or lav/ at the time the demand was made upon it. The code section referred to obviously could not afford any claimed protection, for the…