Welbourn v. Peoples Loan & Trust Co.

Dissenting Opinion

Lybrook, J.

I cannot agree with the majority opinion and must respectfully dissent. Although it attempts to reach a fair result, I cannot.subscribe to its reasoning.

This case is clearly decided by a statute enacted in 1933, IC 28-1-11-11; Ind. Ann. Stat. § 18-1111 (Burns 1964 Replacement). This was the law of Indiana for 39 years until the issuance of the majority opinion herein. Perhaps it didn’t de*350serve to be the law all those years, but for what it was worth and while it lasted, it read as follows:

“Any bank or trust company shall have power to receive, upon terms and…