Downey v. Gifford

The ultimate question is whether an interest installment of $1,500, due October 1, 1924, for-wliieh a certificate of deposit was issued by the Merchants-National Bank of :Grinnell, and retained by.it-“in escrow vuntil after its failure, was discharged or paid, thereby; or perhaps,, more properly, Who must bear the loss on the certificate caused by the failure of the bank?

Defendant’s intestate sold the hotel aiid personal property in question, located in Grinnell, on contract. The Monroe Hotel Corporation (hereinafter called “the corporation”) became the owner of the vendee’s rights thereto.…