Court Opinion

ID: 9844474
Source: CourtListenerOpinion
Date Created: 2023-09-24 03:03:19.730122+00
Date Added: 2024-06-11T09:15:35.764866
License: Public Domain

Fromme, J.:
Dissenting in part. The judgment appealed by Marjorie Walton was for $20,000. The amount which she placed in the possession of the Piqua State Bank was $15,000. I would *759affirm the district court’s judgment to the extent of the $15,000 pledge and reverse the judgment as to the $5,000 portion which must rely upon the guaranty agreement for efficacy. I respectfully dissent from paragraphs 10, 11 and 12 of the syllabus which in effect hold the transfer of $15,000 to the Piqua State Bank was not a sufficient delivery of possession and control of the monies to effectuate the pledge without delivery or assignment of the savings account pass book.
The savings account pass book is only evidence of the money itself. The $15,000 was in possession of the Piqua State Bank. The court’s opinion completely overlooks the fact that this was not a pledge of a savings account located in some other bank. The authorities relied on and cited by the majority do not apply to a pledge of money actually transferred to and held by the creditor bank to whom the pledge was made.
The provisions of K. S. A. 9-1206 read:
“Any bank shall have the right to set off any obligation or claim which it has, when the same is matured against any depositor.”
Marjorie Walton does not deny that this $15,000 was transferred to the Piqua State Bank and placed in possession and under control of the bank in order to furnish security necessary for her brother to obtain additional financing. She does not deny that the loans secured thereby were unpaid and due the bank. No third persons were involved. Under the circumstances no savings account book or written assignment was necessary to constitute a valid pledge of the $15,000. The money may have been stacked in the bank’s vault. The issuance of the pass book did not change the rights of the parties. It merely evidenced and identified the source of monies held by the bank as a pledge. The pledge should be honored.
Price, C. J., and Fontron, J., join in the foregoing dissent.