Court Opinion

ID: 9705714
Source: CourtListenerOpinion
Date Created: 2023-08-26 01:17:35.602145+00
Date Added: 2024-06-11T18:22:14.180482
License: Public Domain

Shangraw, J.
Dissenting. I cannot ignore the contractual aspects of this case. It is my view that the controlling issue is limited to the following. For what purpose did plaintiff make the general stock assignments on March 7, 1960? Were these assignments then made to secure payment of the one note of $11,705.52 bearing the same date, as plaintiff understood the facts to be, or on the contrary did they secure the payment of past, present, and future obligations as claimed by the bank? Upon this basis I would remand for a further hearing if necessary, and a finding on this one issue, which is the crux of the controversy and would determine its result. This is the axis on which this case should be decided.
It is also my view that the bank president’s prior representation of plaintiff in matters entirely unrelated to her transactions with the bank, particularly the stock assignments, is of no significance, and should not be reflected in the opinion or its result.
In my judgment, considering all factors, and the apparent desire on the part of the plaintiff to assist her husband in his business dealings with the bank, that the determination of unfairness on the part of the bank officials is, I believe, unnecessary and unwarranted. The assignment of stocks was an over-the-counter transaction. Plaintiff neither sought or obtained the advice of any of the officers of the bank concerning this transaction.
The effect of the majority opinion, and the grounds upon which final determination is based, presents far reaching implications incident to an attorney-banker relationship, and also leaves in a grey area to what extent bank officers are required to furnish unsolicited advice, with possible legal implications, to customers with whom they may deal.
I agree that the notes of $2,500 and $4,000, referred to in the opinion, have been materially altered within the concept of our Negotiable Instrument Act.