Cushman v. Illinois Starch Co.

Citations

• 79 Ill. 281

Syllabus

<p>1. Bankers—certificate of deposit is prima facie evidence of indebtedness. In a suit against a bank, on the common counts, a certificate of deposit, signed by the teller of the bank and delivered to the plaintiff, when produced and proof made that it was signed by the proper officer of the bank, makes & prima facie case. The certificate is an acknowledgment that the bank had the sum of money specified therein, on its books, to the credit of the plaintiff, and the burden of proof is on it to show that it has in some wajr discharged the liability.</p> <p>2. Same—not authorized to transfer company accounts to private accounts of its treasurer, by private arrangement with him. An arrangement made between the treasurer of a company and a bank with which the funds of the company are deposited, that all funds deposited to the credit of the company should be transferred to the private account of the treasurer, without any knowledge of, or participation therein by, the managers of the business of the company, is a mere private arrangement for the convenience of the treasurer, which would not authorize the bank to transfer funds to the credit of the treasurer for which it had issued a certificate of deposit to the company, and thus relieve itself of its liability to the company on such certificate.</p> <p>3. Officers of corporation—private a/rrangements after their term of office expires. Where, by private arrangement between a bank and the treasurer of a company depositing funds with it, all moneys, as soon as deposited by the company, were transferred to the private account of such treasurer as a matter of convenience to him, such arrangement, whether binding on the company-, whilst the treasurer continued in office, or not, would not authorize the bank to transfer money deposited by the company to his private account after he ceased to be such treasurer and his successor is elected, and whether he had notice of his successor’s election or not, would be immaterial.</p> <