Court Opinion

ID: 9775778
Source: CourtListenerOpinion
Date Created: 2023-08-29 19:08:55.563386+00
Date Added: 2024-06-11T07:32:30.948160
License: Public Domain

ON PETITION TO REHEAR
The Appellant has filed a petition to rehear. In particular, the-petition respectfully asks the court to reconsider its holding that a resulting trust was imposed on deposits in the savings and loan associations. It points out that the court did not address the provisions of T.C.A. § 45-3-508 which relate to joint accounts in savings and loan associations and, as pertinent here, provide:
“The opening of the account in such form shall be conclusive evidence in any action or proceeding to which either the association or the survivor or survivors is a party, of the intention of all of the parties to the account to vest title to such account and the additions thereto in such survivor or survivors.”
The Appellant says he construes this section of the Code to give him the savings and loan accounts as his sole and separate property.
We agree with the Appellant that under the provisions of the statute the legal title to the accounts did pass to the Appellant, but that was also true of the other joint accounts in the estate. Although the legal title passed to the Appellant, “equity infers or assumes that the beneficial interest did not go with the legal title.” See annotations in original opinion.
The petition to rehear is respectfully denied, with cost.
SANDERS, GODDARD and FRANKS, JJ., concur.