Ohio Valley Banking & Trust Co. v. Nichols

194 S.W. 117, 175 Ky. 138, 1917 Ky. LEXIS 305
CourtCourt of Appeals of Kentucky
DecidedApril 19, 1917
StatusPublished

This text of 194 S.W. 117 (Ohio Valley Banking & Trust Co. v. Nichols) is published on Counsel Stack Legal Research, covering Court of Appeals of Kentucky primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Ohio Valley Banking & Trust Co. v. Nichols, 194 S.W. 117, 175 Ky. 138, 1917 Ky. LEXIS 305 (Ky. Ct. App. 1917).

Opinion

[139]*139Opinion op the Court by

Judge Clarke

Reversing on original and affirming on cross appeal.

Appellee was a customer of the Planters State Bank, at Henderson, Kentucky, from 1907 until 1913, during which time Ingram Crockett was cashier of the bank. In the summer of 1913, believing that his accounts with the bank were not being regularly kept, Nichols ceased to do business with the bank, and made complaint to the president and three directors that he had been defrauded by Crockett. Hpon demand of Crockett, but under protest that he did not owe it, Nichols executed to the bank, a note for $9,656.00, dated June 29, 1913, which is one of the items involved here.

Mr. Nichols was unable to read or write, but could sign his name. During the time he was a customer of the bank, he was engaged quite extensively, in buying and operating farms, his transactions with the bank, from January 1st, 1908, until October 1st, 1913, aggregating nearly $75,000.00. Of this sum that was placed to his credit during that period, approximately one-third was the proceeds of about thirty notes, executed by him to, and discounted by, the bank. During most of this time he had no pass book, and took no receipt from the bank, for deposits made by him, and left with the bank, for safekeeping, all of his valuable papers. He testifies that he had complete confidence in Mr. Crockett’s integrity, and trusted and depended upon him tó keep his accounts straight, and to keep safely his valuable papers, including notes, contracts, deeds, etc.; that, not being able to read or write, he signed, without question, such papers and notes as Mr. Crockett requested him to sign, until June 29th, 1913, when requested by Crockett to sign the note for $9,656.00; that he signed that note under protest, claiming that he did not owe it, and demanded of the bank officials a statement and examination of his accounts with the bank, covering the period he had been a customer of it. A pass book was, some time thereafter, furnished him, showing his deposits and checks for the period, and the cancelled checks were delivered to him, and some, but not all, of his paid notes were later delivered to his attorneys. He was not satisfied that the statement furnished him was correct, and started an investigation, which resulted, on March 9th, 1914, in the absconding of [140]*140Crockett, the cashier, and the discovery that he was. a defaulter in a large amount. Crockett was afterwards apprehended, and is now in the Eddyville penitentiary as a result of his defalcations of the funds of the bank and its customers.

In 1914, Nichols filed this action, in the Henderson circuit court, alleging that funds deposited by him in the bank during that period, at various times, had not been placed to his credit, or had been diverted from his account, aggregating the sum of........................dollars, but that he was unable to state the times or the amounts of the various sums not credited to, or diverted from his account, and prayed judgment against the Planters State Bank for the sum of........................dollars.

An effort was made to settle the matter out of court, and the blanks in the petition were not filled until the January term, 1916, when they were filled by the insertion of the figures “$25,000.00,” and, at the same' time, an amended petition was filed, setting up in separate paragraphs, five specific items, for which he asked judgment against the Planters State Bank.

In the meantime, the Planters State Bank, hereinafter called the bank, had been consolidated with the Ohio Valley Banking &■ Trust Company, hereinafter called appellant, which took oyer the assets, and assumed the liabilities, of the bank.

■ After the filing of the amended petition, appellant filed a petition to be made a party defendant, setting up the consolidation of the bank with it, and asking that its petition be taken as an answer to appellee’s petition and amended petition, and also setting up therein as a counter-claim against appellee, the note for $9,656.00, above referred to, and another note for $1,500.00, dated August 5th, 1913.

This answer, was controverted of record, except that appellee specifically denied that he signed the note's set up in the counter-claim.

The cause was transferred to equity and, by agreement, the evidence was heard orally, taken by the stenographer, to be considered as if taken upon deposition.

During the trial appellee filed a written reply, which was controverted of record, in which he admits signing the note for $9,656.00, but denies that same was for value, and says that at the time he executed and delivered the note he did not owe the bank that or any [141]*141other amount, but that the bank, was largely indebted to him, as set out in his petition; that he had not borrowed that, or any other sum that went to make up the note, from the bank; that the note was without consideration and void.

The several items set up in the amended petition are as follows:

First, that a note for $8,550.00, with interest from January 1st, 1914, executed by Tom Baskett to appellee, belonging to 1dm, had been collected, and the proceeds thereof were held by, and in the possession of, the appellant, and neither the bank nor appellant had any claim thereto; second, that on January 4th, 1913, he executed his note to the bank, for $6,500.00, due March 5th, 1913; that on April 21st, 1913, he paid the note in full, and that thereafter on May 27th, 1913, the bank appropriated and diverted from his account the sum of $3,000.00, and applied it to the payment of said note, and that on the same date, by means of a separate transaction, it wrongfully appropriated and diverted from his account, the sum of $3,456.00, and credited it also on the same $6,500.00 note, thereby wrongfully defrauding him of the sum of $6,456.00; third, that on September 12th, 1912, the bank wrongfully appropriated from his funds on deposit, the sum of $200.00, and on.September 30th, 1912, the sum of $3,100.00, and applied both of these sums to the payment of a fictitious and spurious note for $3,300.00; fourth, that the bank wrongfully appropriated from his funds on deposit, on March 1st, 1911, $200.00, July 19th, 1911, $200.00, and August 14th, 1911, $100.00, and applied same to the payment of a fictitious and spurious note for $2,990.00; and fifth, that in May or June, 1913, Tom Baskett directed Crockett, the cashier of the bank, to place to appellee’s credit, the sum of $6,700.00, the proceeds of the sale of certain shares of Tippecanoe Insurance Company stock, sold by Crockett for Baskett, but that appellee only received credit for $2,294.75, $560.00 and $2,200.00, leaving a balance due appellee of $1,645.00.

The lower court gave judgment for appellee, against appellant, on the first item above, for $8,550.00, with interest from May 27th, 1913; second, gave judgment for appellant, for the second item above; third for appellee and against appellant, for the $200.00 and $3,100.00, with interest, on both sums in the third item;, fourth, [142]

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194 S.W. 117, 175 Ky. 138, 1917 Ky. LEXIS 305, Counsel Stack Legal Research, https://law.counselstack.com/opinion/ohio-valley-banking-trust-co-v-nichols-kyctapp-1917.