Estate of Pettyjohn v. Ballard

Lawson Cloninger, Judge.

The question at issue on this appeal is whether the execution of a “Depositor’s Notice of Penalty for Payment of Time Deposit Before Maturity’’ constitutes substantial compliance with the “designate in writing” requirement of Ark. Stat. Ann. § 67-552 (Supp. 1981). We hold that there was no substantial compliance with the statute, and we reverse the finding of the trial court.

Ark. Stat. Ann. § 67-552 provides as follows:

Checking accounts and savings accounts may be opened and certificates of deposit may be issued by any banking institution with the names of two or more…