Lela Avant v. Banking Commissioner

Texas Supreme Court

Lela Avant v. Banking Commissioner

278 S.W. 1101, 115 Tex. 167, 1926 Tex. LEXIS 124

Texas Supreme Court·Decided January 6, 1926·No. Application No. 14383.·Published

Opinion

PER CURIAM.

The deposit in this case in its inception was an interest-bearing deposit, and while by the expiration of time it may have ceased to bear interest for' such additional time as the money was left in the bank, yet the interest agreed upon for the specified time was compensation for such time as the money was left in the bank under the contract. The character of- the contract was never changed. The'certificate was not subsequent to the time it ceased to bear interest presented to the bank and a new deposit contract created. It is clear therefore that the deposit was not a noninterest-bear-ing deposit. The writ of error is accordingly refused.

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PER CURIAM.

The deposit in this case in its inception was an interest-bearing deposit, and while by the expiration of time it may have ceased to bear interest for' such additional time as the money was left in the bank, yet the interest agreed upon for the specified time was compensation for such time as the money was left in the bank under the contract. The character of- the contract was never changed. The'certificate was not subsequent to the time it ceased to bear interest presented to the bank and a new deposit contract created. It is clear therefore that the deposit was not a noninterest-bear-ing deposit. The writ of error is accordingly refused.

Lela Avant v. Banking Commissioner, 278 S.W. 1101, 115 Tex. 167, 1926 Tex. LEXIS 124 (Tex. 1926).

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