Bogue v. Dunten, 15122.

Decision Date01 April 1936
Docket NumberNo. 15122.,15122.
PartiesBOGUE v. DUNTEN.
CourtIndiana Appellate Court

OPINION TEXT STARTS HERE

Appeal from La Grange Circuit Court; Clyde C. Carlin, Judge.

Action by Sabra A. Bogue against Frank J. Dunten, as receiver of the La Grange County Trust Company, said receiver having been appointed in the cause of the State, on the relation of Luther F. Symons, State Bank Commissioner, plaintiff, against the La Grange County Trust Company, defendant. From an unsatisfactory judgment, plaintiff appeals.

Reversed, with directions.

Rex S. Emerick, of Kendallville, for appellant.

Luke H. Wrigley, of Albion, for appellee.

DUDINE, Judge.

On June 15, 1931, appellant delivered to the La Grange County Trust Company a $1,000 United States Liberty bond for the purpose of exchanging it for Federal Land Bank bonds, with the understanding that the difference was to be paid to appellant in cash. The trust company issued and gave appellant a receipt for said bond, which receipt was as follows:

“LaGrange, Indiana, June 15, 1931.

“Received of Mrs. Sabra Bogue, one thousand par value bond, bond to be sold and collected and funds to be reinvested in Federal Land Bank Investment Securities, price to be around $98.00 for certificates.

“Difference to be paid Mrs. Bogue.

Rollo N. Walter,

“Secretary.”

On June 19, 1931, appellant delivered to the trust company registered United States Liberty bonds, of the total par value of $1,300, which were registered in the joint names of her husband, who died in December, 1928, and herself, for the purpose of having said bonds sent to the United States Treasury Department and having them re-registered in her individual name. As a receipt for said bonds, the trust company gave appellant a small savings account book containing entries which described said bonds. Immediately following said entries was the following: “Received the above bonds in the amount of $1300.00 that is entered above and these bonds to be bought and registered in the name Sabra A. Bogue.”

On the respective dates when the trust company received said bonds the trust company sent the bonds to its correspondent bank for credit on its checking account with said correspondent bank, and the trust company received a total credit of $2,300 on its said checking account for said bonds.

On August 8, 1931, the bank ceased to do business and was taken over by the state banking department. On November 20, 1931, appellee was appointed receiver of the trust company. Appellant never received any of the bonds which she had ordered through the trust company.

She filed a claim against the receivership estate wherein she alleged the foregoing...

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