Banca D'Italia & Trust Co. v. Giordano

Opinion by

Hirt, J.,

Guy Giordano borrowed $3,000 from plaintiff bank in 1936 on a misleading statement of the financial worth of his butter and egg business. He became insolvent in the same year, and although he testified that his assets then were converted into cash and distributed among his creditors by a committee, nothing appears to have been received by the bank to apply on his note. The bank subsequently entered judgment thereon by confession. In 1941, Giordano opened an account with Liberty Title and Trust Company in his own name as trustee for Josephine Giordano, a minor daughter. On…