Smith v. Planters' Savings Bank
Supreme Court of South Carolina
Before SeasE, J., Spartanburg, August, 1922. Action by W. McClure Smith as administrator of W. A. Bright, deceased, against Planters’ Savings Bank. Judgment for plaintiff and defendant appeals. cite: Certificate of deposit is, in effect, promissory note of Banks: 103 S. C., 266; 45 S. C., 563; 100 .Va„ 306; 110 Va., 229; 192 U. S., 138. Note payable to two payees in the alternative may be paid to either: Neg. Inst.
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Before SeasE, J., Spartanburg, August, 1922. Action by W. McClure Smith as administrator of W. A. Bright, deceased, against Planters’ Savings Bank. Judgment for plaintiff and defendant appeals. cite: Certificate of deposit is, in effect, promissory note of Banks: 103 S. C., 266; 45 S. C., 563; 100 .Va„ 306; 110 Va., 229; 192 U. S., 138. Note payable to two payees in the alternative may be paid to either: Neg. Inst. Raw, Sec. 1, Subd. 8; 151 Id., 178; 74 Kan., 736. cite: Certificate of deposit payable to one of two payees named cannot be paid to the surviving payee after notice of the death of…
1DissentJustice Cothran
(dissenting) : The leading opinion announces and sustains two propositions, neither of which, in my opinion, is a correct statement of the law:(1) That where the owner of money deposits it in a bank in the name of himself and another, and the certificate is made payable at maturity to the order of either, the issuing of the certificate creates a “power” in the alternative payee to withdraw the funds; that this power can be exercised only during the lifetime of the depositor; that the death of the depositor revokes the “power”; and that the bank thereafter paying the certificate to the…
2Cases cited3 opinions
- New York County National Bank v. MasseySupreme Court of the United States · 1904
- Sawyer v. MabusSupreme Court of South Carolina · 1917
- Folk v. MooreSupreme Court of South Carolina · 1916