Farm Mortgage Trust Co. v. Wilson

Citations

• 110 Kan. 786
• 205 P. 610
• 1922 Kan. LEXIS 152

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. State Bank Guaranty Fund — Deposit Solicited, by Stranger to the Bank— Bonus Paid, Depositor by the Stranger — Deposit Not a Loan. A deposit in a bank for which a certificate was issued bearing interest at the rate approved by the bank commissioner is not rendered invalid nor taken out of the protection of the state guaranty fund because it was solicited by a third party not the agent of .the bank, and who to advance his own interest paid the depositor a bonus to procure the making of a deposit.</p> <p>2. Same — Certain Arrangements Between Holder of Certificate and the Issuing Bank Did Not Deprive the Holder from Participation in the Guaranty Fund. An arrangement between the bank issuing the certificate and the plaintiff, to the effect that the bank would maintain- a deposit with plaintiff during the life of the certificate, is held not to have been intended to create an absolutely binding obligation, and did not have the effect of converting the transaction into a loan nor of depriving the holder of the certificate of deposit issued by the bank of the protection of the guaranty fund.</p>