Copeland v. Peachtree Bank & Trust Co.
| Decision Date | 07 June 1979 |
| Docket Number | No. 57818,57818 |
| Citation | 257 S.E.2d 353,150 Ga.App. 262 |
| Court | Georgia Court of Appeals |
| Parties | COPELAND v. PEACHTREE BANK & TRUST COMPANY. |
Stowers, Roane & Carley, Hilton M. Fuller, Jr., Grier G. Newlin, II, Atlanta, for appellant.
Jones, Bird & Howell, Arthur Howell, III, Atlanta, for appellee.
This is an action by a depositor against a bank for failure to pay funds upon demand. It involves a savings account in which the plaintiff contends she was the owner of same and defendant had unlawfully seized, detained and diverted said account and funds to its own use. Plaintiff sought general damages consisting of the highest proven value of the savings account including interest from date of conversion to date of trial or that defendant be ordered to release to the plaintiff the full value of the account, plus interest. She also sought punitive damages in the amount of $50,000 to deter the defendant from future conduct of a like nature and for expenses of litigation in the amount of $7,500 plus costs.
The defendant answered generally denying the claim, but admitting jurisdiction, the existence of the savings account as a joint account by the plaintiff and her then husband based upon a joint signature card signed jointly by plaintiff and her husband. Defendant also admitted the demand by plaintiff which was refused because the funds in the savings account had previously been assigned by plaintiff's husband to defendant to secure an indebtedness to the defendant. Defendant also alleged a defense of estoppel in that the plaintiff could not assert her claim for recovery as to the joint savings account.
The case was tried before the court without a jury, same having been waived, based upon a stipulation of facts entered into by and between the parties in regards to the establishment of the joint account and the depositions of the plaintiff and one of the officials of the bank. Judgment was rendered in favor of the defendant based upon the trial court's findings of fact and conclusions of law. Plaintiff appeals. Held :
1. The evidence shows clearly that the savings account was opened by the husband as a joint account and either husband or plaintiff had the right to withdraw funds from said savings account. See Code § 13-2039; Leonas v. Johnson, 122 Ga.App. 160, 161(2), 176 S.E.2d 506; Granade v. Augusta Fire Dept. Credit Union, 118 Ga.App. 157, 158, 162 S.E.2d 870.
2. The evidence also shows that before the plaintiff had made an attempt to withdraw funds from said savings account her husband had made a valid assignment (Code Ann. § 109A-2-210 (Ga.L.1962, pp. 156, 181)) of the savings account to defendant, and whatever rights or claims plaintiff may have regarding said funds are against him and not against the defendant. See Clark v. Bridges, 163 Ga. 542, 546, 136 S.E. 444; Nash v. Martin, 90 Ga.App. 235(1), 82 S.E.2d 658.
3. Once the savings account had been assigned to the defendant another of the joint owners could not withdraw the funds from said savings account without permission of the assignee unless it waived or released its assignment. Under the circumstances the defendant could legally refuse to honor any request or demands for withdrawal by either the husband or the plaintiff in view of the assignment and security for the loan. See Ga. Bank etc. Co. v. Hadarits, 221 Ga. 125, 143 S.E.2d 627. Compare ...
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... ... It was as if Hosier had through sheer love deposited money in a joint bank account in his and Sufrin's names; the bank would be contractually ... Landretto v. First Trust & Savings Bank, 333 Ill. 442, 164 N.E. 836 (1928); Speasl v. National k, 37 Ill.App.2d 384, 186 N.E.2d 84, 86 (1962); Copeland v. Peachtree Bank & Trust Co., 150 ... Ga.App. 262, 257 S.E.2d 353 ... ...
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Trust Co. of Columbus v. United States
...Ga. 332, 153 S.E. 4 (1930); Georgia Bank & Trust Co. v. Hadarits, 221 Ga. 125, 143 S.E.2d 627 (1965); Copeland v. Peachtree Bank & Trust Company, 150 Ga.App. 262, 257 S.E.2d 353 (1979). The case of Macon National Bank, supra, is quite similar to the instant case. A customer had executed a p......
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Trust Co. of Columbus v. U.S.
...221 Ga. 125, 143 S.E.2d 627 (1965); Macon National Bank v. Smith, 170 Ga. 332, 153 S.E. 4 (1930); Copeland v. Peachtree Bank & Trust Co., 150 Ga.App. 262, 257 S.E.2d 353 (1979). Upon such an assignment, the bank obtains a preference to or lien on the account which vests upon the signing of ......
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Lamb v. Thalimer Enterprises, Inc.
...in the joint account so as to entitle appellees to the rights of a party as provided in OCGA § 7-1-810(7). Compare Copeland v. Peachtree Bank, etc., Co., 150 Ga.App. 262, 263(2, 3), 257 S.E.2d 353 (1979). However, we cannot determine from either the transcript of the hearing or the order en......