Wells v. United Sav. Bank of Tecumseh

• Decision Date: 21 December 1938
• Docket Number: No. 19.,19.
• Citation: 286 Mich. 619,282 N.W. 844
• Parties: WELLS v. UNITED SAVINGS BANK OF TECUMSEH.
• Court: Michigan Supreme Court

286 Mich. 619

282 N.W. 844

WELLS

v.UNITED SAVINGS BANK OF TECUMSEH.

No. 19.

Supreme Court of Michigan.

Dec. 21, 1938.

Action by Stanley B. Wells against the United Savings Bank of Tecumseh, Michigan, to recover a sum of money representing building and loan association stock which plaintiff allegedly assigned to defendant to apply on plaintiff's indebtedness to a Federal land bank. From a judgment for defendant notwithstanding verdict for plaintiff, plaintiff appeals.

Affirmed.

Appeal from Circuit Court, Lenawee County; G. Arthur Rathbun, judge.

Argued before the Entire Bench, except BUTZEL, J.

Walter M. Nelson, of Detroit, for appellant.

Charles L. Robertson, of Adrian, for appellee.

POTTER, Justice.

Plaintiff sued defendant to recover $1,275 and $225 interest thereon, a total of $1,500. There was verdict for plaintiff and judgment for defendant notwithstanding. Plaintiff appeals.

Plaintiff alleges that from the estate of his father he became the owner of $1,550 in stock in the American Building & Loan Association, of Jackson; that March 19, 1934, he assigned this stock to defendant to apply on plaintiff's indebtedness to the Federal Land Bank, of St. Paul, $1,000 at par, and $550 at fifty cents on a dollar; that defendant refused to pay or credit $1,275 on the Federal Land Bank mortgage against plaintiff or to pay plaintiff the same, to his damage. Plaintiff's declaration also relies upon all of the common counts in assumpsit. Defendant appeared and denied all the material allegations of plaintiff and claimed to have become the owner of the stock in question in pursuance of a written assignment set forth in its answer by which it apparently took title to said stock absolutely; that July 14, 1933, plaintiff owed defendant $4,000 as principal on a mortgage given by plaintiff, and interest thereon from January 6, 1931, at six per cent; that a loan was granted plaintiff by said Federal Land Bank in the sum of $2,500, and by the Land Bank commissioner in the sum of $1,000; that there was delivered to defendant Federal Land Bank bonds of the value of $2,613.38 and checks for $162.27, out of which defendant was instructed by plaintiff to pay, and did pay, claims against plaintiff in the sum of $398.28; that defendant credited on the mortgage note $1,550, the par value of said building and loan stock and the proceeds of the funds received from the Federal Land Bank, of St. Paul, less the amounts paid out for the benefit of plaintiff, making a total credit of $3,927.37, leaving a balance due on the principal of the mortgage of $72.62; that thereafter defendant sold the American Building & Loan stock in the open market for $922.25, resulting in a loss of $627.75, and that plaintiff was indebted to defendant at the time of the settlement by defendant with the representative of the Federal Land Bank commissioner in the additional sum...