Dewar v. Bank of Montreal

Citations

• 115 Ill. 22
• 3 N.E. 746

Syllabus

<p>Banks and bankers—payment of deposit to other than the owner—■ of circumstances that will protect the bank in so doing. The owner of money intrusted the same with his employer to deposit for him in a bank, at interest, and the employer made the deposit in his own name, the bank knowing whose money it was at the time, and the employer afterward indorsed the certificate of deposit to the owner, who deposited the same in a safe to which his employer had access, but gave no notice to the bank until after his employer had taken the same and drawn the money thereon, and had it placed to his own individual account, when the owner did inform the bank of his rights, but after this he treated the transaction as a loan to his employer for over three years, expecting to have him secure the same, during which time he made no claim on the bank: Held, that under the facts the owner of the money so deposited could not maintain an action of trover against the bank for a conversion of the money, for the reason that he had by his acts clothed his employer with an apparent ownership or control of the money, and had acquiesced in the payment of the money to him for so long a time, and treated the transaction as a loan to him.</p>