Queen City Petroleum Products Co. v. Norwood-Hyde Park Bank & Trust Co.

OPINION

By ROSS, J.

This procedure was only warranted by law if at the time of the confiscation of the deposit accounts by the defendant bank, there was due and owing to it from the owners of the accounts absorbed a sum equivalent to or greater than the amounts charged off. In other words, if the $5,000 loan was a personal loan to Dan Donnelly, then the action of the defendant bank was entirely illegal and the plaintiff is entitled to the relief sought.

If, as claimed now by the defendant bank, the loan to Dan Donnelly was in fact understood by all parties as a loan to the firms whose accounts…