SNML Corp. v. Bank of North Carolina, N.A.

CARLTON, Judge.

The first question for determination is whether appellant BANK properly released the shares of common stock of the BANK held as “collateral security” in January 1975 while ad valorem taxes for the years 1973 and 1974 were still outstanding. The trial court held that the BANK’S release of the stock was improper in that the “Escrow Agreement” of 16 October 1970 between the PROFIT SHARING PENSION TRUST and the BANK’S Trust Department established a fiduciary relationship between the plaintiff and appellant BANK and appellant BANK therefore became ESCROW AGENT for the plaintiff…