135 Iowa 157 | Iowa | 1907
There is no question under the evidence but that on February 23, 1903, E. O. Soule, the cashier and managing officer of the plaintiff bank, was personally indebted to the defendant in the sum of $1,030 upon a promissory note; for while the proceeds of the loan of $1,000 by defendant to Soule for which his individual note was given went into the funds of the bank, such proceeds were received by the bank as the property of Soule,-and not as the property of defendant. It is also established beyond question that on demand of payment being made on this individual note, Soule drew a draft of the plaintiff bank on its Chicago correspondent for $1,000 payable to defendant, and delivered said draft to him, and entered a credit in defendant’s favor upon his passbook as depositor in the plaintiff bank in the sum of $30; that defendant thereupon surrendered to Soule the personal obligation which he held against the latter; and that subsequently defendant drew out of the plaintiff bank the $30 entered to his credit, and received the proceeds of the draft issued to him.
Our conclusion is that under the evidence which was before the court at the conclusion of the testimony introduced on both sides there was not only error in sustaining the motion of defendant for a directed verdict in his favor, but that there was no evidence on which a verdict if rendered in favor of defendant could have been sustained, and that, therefore, the court should have directed a verdict for plaintiff under its motion made at the same time, and the cause is therefore remanded, with direction to the lower court to enter up a judgment in favor of the plaintiff.— Reversed and remanded.