STATE Ex FULTON v. DEAN Et

OPINION

By WILLIAMS, J.

The question presented to us is whether the act of the bank in giving.collateral as security for the deposit was ultra vires and whether, if the act was ultra vires, the bank is entitled to have the securities returned without making payment of the amount owing.

In our judgment the correct rule is laid down by the Court of Appeals of New York in the case of State Bank of Commerce v Stone, 261 N. Y., 175; 184 NE, 750. The opinion in that case is well considered and logical and relieves us of the necessity of writing a reasoned opinion.

We hold that the act of securing…