43 Conn. 155 | Conn. | 1875
Suppose that A should loan to B a thousand dollars. We will suppose A to be an experienced stock broker, and that B knowing this fact, and desiring to avail himself of his skill, deposits with him $1,000, to be invested for his benefit. For a time B receives large returns from M’s investments; but at length a reverse comes, and nearly all the money deposited with M is lost. In a suit then brought by M against B for the money loaned, could B set off the $1,000 deposited with M? No one would claim that he could. But do these depositors, with the exception perhaps of Margaret Byrne, stand in any better condition than B in the case
We think the set-offs cannot be made in any of the cases, unless one should be allowed in that of Margaret Byrne. It appears in her case that she made a deposit in the bank, not for the ordinary purposes of a deposit, but for the purpose, and with the intention, of applying the same in payment of her indebtedness to the bank to that amount. If the officers of the bank knew for what purpose the deposit was made, although the amount has never been in fact applied in cancellation of so much of her indebtedness to the bank, we think she should be allowed to set off the amount. We refer her case to the Superior Court for a further hearing in regard to the facts, which are not sufficiently found upon this point. If upon such hearing the facts shall be found as we have supposed them, then we advise that the set-off be allowed.
In each of the other cases we advise the Superior Court to refuse the set-off.
In this opinion the other judges concurred.