Anderson v. Yates

Citations

• 135 Miss. 110
• 99 So. 499
• 1924 Miss. LEXIS 9

Syllabus

<p>Banks and Banking. Time certificate issued in payment of cheek drawn on issuing bank held “deposit” protected by guaranty act.</p> <p>Where a time certificate of deposit is issued by the president of a bank who is in charge of the bank’s affairs and, authorized to issue such certificates, issues a time deposit certificate in payment of the president’s personal check drawn on such bank, the holder of such check knowing nothing of the state of the president’s account in such bank, but acting in good faith and by means of which transaction he loses title to cotton sold to the president and loses his legal rights to protect his interest by legal seizure and process, the transaction constitutes a “deposit” within the meaning of section 38, chapter 207, Laws of 1916, section 3596, Hemingway’s Code, and is guaranteed under said act.</p>