45 S.C. 563 | S.C. | 1896
The opinion of the Court was delivered by
The plaintiff brought this action to recover from the defendant bank a certain sum of money alleged to have been deposited with said bank by one C.-J. Iredell in breach of an alleged trust reposed in him by the plaintiff. Passing by the first, second, and third paragraphs of the complaint, in which the representative character of the plaintiff, and the corporate character of the defendant, are alleged, the material allegations of the complaint are to be found in the fourth, fifth, and sixth paragraphs thereof, and may be stated substantially as follows: 4th. That on the 1st day of November, 1890, one C. J. Iredell, who was then president of the defendant, bank, received from the plaintiff the sum of $2,000, “in trust,
The defendant, in its answer, denies all of the allegations contained in the fourth, fifth, and sixth paragraphs of the complaint.
The case came on for trial before his Honor, Judge Earle, and a jury, who were instructed to find a verdict for defendant, upon the ground that no trust relation had been shown to exist between the plaintiff and Iredell, by the contract between them, which was reduced to writing, and which, of course, was to be construed by the Court.
The plaintiff appeals upon the several grounds set out in the record, which need not be repeated here, as I do not propose to consider them seriatim, but propose to take up the three points into which the several grounds of appeal have been condensed in the argument of counsel for appellant.
The undisputed facts are, that C. J. Iredell issued a circular, of which the following is a copy:
“Depositors’ Co-operative Association. Six per cent, interest. This association has been suggested and formed for the benefit of those having money for which they have no immediate use, or while waiting for other investments, and upon which, while idle, a good rate of interest will be obtained. Or the certificate can be held as an investment. The terms are: Money to be deposited for one year or longer. A certificate to be given, bearing interest at the rate of six per cent, per annum from date thereof. Interest*565 to be paid semi-annually. Principal, if needed, can be drawn at any time after notice, agreed on with the manager, but no interest allowed unless money has been on deposit for six months from each semi-annual payment of interest. The certificate can be used at any time as collateral security. Address letters and send money to C. J. Iredell, manager Columbia, S. C.; office at the Commercial Bank.”
In response to the proposals contained in the foregoing circular, the plaintiff deposited with C. J. Iredell, manager, the sum of $2,000, and received from him a certificate, of which the following is a copy:
“No. 2. Depositors’ Co-operative Association. $2,000. Columbia, S. C., November 1st, 1890. I hereby certify that Martha V. Deaphart, executrix, has deposited with C. J. Iredell, manager, $2,000, payable to her order, upon the return of this certificate, properly endorsed. And it is agreed between said C. J. Iredell, manager, and any or all endorsers of this certificate, that the sum of money above mentioned shall remain on deposit with said C. J. Iredell, manager, for one year from date hereof. And it is further agreed between said parties, that the amount named in said certificate shall draw interest at the rate of six per cent, per annum, payable semi-annually. Said amount can be drawn at any time after thirty days notice, but no interest be allowed unless money is on deposit six months. (Signed) C. J. Iredell, manager.”
In this case, however, it is quite clear that there are no such stipulations in the contract of deposit between the
Holding, then, that there was no trust relation between the plaintiff and C. J. Iredell, manager, of course, the questions, whether there was any breach of trust and whether the defendant bank had notice thereof, cannot arise, and need not, therefore, be considered.
The judgment of this Court is, that the judgment of the Circuit Court be affirmed.