Murray v. North Liberty Savings Bank

The primary issue of this appeal involves the theory of a constructive trust. The material facts are not in dispute.

On March 26, 1921 one "W. W. Young placed $14,500 in the North Liberty Savings Bank of North Liberty, Iowa, and as evidence thereof Exhibit 3 was executed, in words and figures as follows:

“North Liberty Savings Bank

deposited by

W. W. Young

North Liberty, Iowa

March 26, 1921

Please List Each Check Separately

Dollars Cents

Currency......

Silver .... Dup. .

Gold........

Checks as follows:

$14,500.00”

At that time the past-due promissory note of Young in the sum of $10,000 was owned by the…