Patton v. First National Bank

28 Ohio Law. Abs. 273
CourtOhio Court of Appeals
DecidedJuly 1, 1938
StatusPublished

This text of 28 Ohio Law. Abs. 273 (Patton v. First National Bank) is published on Counsel Stack Legal Research, covering Ohio Court of Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Patton v. First National Bank, 28 Ohio Law. Abs. 273 (Ohio Ct. App. 1938).

Opinion

OPINION

PER CURIAM

This is the second time that this case has been in this court. At the first trial in the-Court of Common Pleas the appellant received a jury verdict against the defendant, the First National Batik of Sardis and its directors, in the amount of $6,982.50. This court found no evidence in the record supporting the verdict and subsequent judgment against the directors and entered final judgment for them. The judgment against the corporation was reversed and the case remanded for a new trial, upon the ground, among others, that the verdict was against the manifest weight of the evidence. The case is reported in 21 Abs 202. Upon the second trial in the Court of Common Pleas, the jury returned a verdict for the bank, sole remaining defendant.

The judgment which was rendered upon this verdict has been appealed by the plaintiff to this court on questions of law, alleging CD, that the verdict is not sustained by the evidence and law; (2), the court erred in rejecting the evidence offered by plaintiff; (3), the court erred in admitting evidence offered by defendant over objection by the plaintiff; (4), the court erred in charging the jury; (5), the court erred in refusing to charge the jury as requested by plaintiff.

On Friday, September 17, 1928, the national bank examiner, who had been making the periodic examinations of the affairs of the First National Bank of Sardis, discovered through the confession of William Goddard, its cashier, that the latter had appropriated to his own use some $15,000 of government bonds which had been left at the bank for safe keeping by various individuals. It develops that the bank had no vault in its banking house and was not well equipped to do a safekeeping business. It developed also that the bank’s board of directors had never formally authorized or committed the bank to this branch of banking business. Sardis is a small town, the bank a small-bank. Goddard, the cashier, had been cashier for many years, and also a director. God-, dard, and a lady bookkeeper were the only employed help in operating the bank and he was the- only “member of the board of directors with any professional banking experience. Its presi-. dent, for instance, was a blacksmith, seventy-nine years of age at the date of trial. [274]*274Whether authorized or not, Goddard’s appropriation to his own use of these bonds was looked upon by the examiner as a defalcation in his duties as cashier of the bank and although we are informed by counsel that the bank had some bad paper also this fact has not bulked heavy enough in eyes of either counsel to warrant much clarifying testimony respecting it. The thing that made most impression at the time was the conversion of the bonds which he had pledged upon three notes, one in his own bank for $4,295, one at the Union Bank of Sistersville for $8,897.48, and one at the First National Bank of New Martinsville for $2,000. One of these notes apparently also bore a forged signature.

Goddard confessed on Friday evening. The examiner told the directors that they must either combine with a stronger bank or be closed by the comptroller. They immediately began negotiations with the Union Bank of Sistersville to this end, which negotiations culminated in a contract by which they sold their assets to the Sistersville Bank and the latter institution assumed their deposit liabilities. The contract was finally signed on the Monday following the Friday ultimatum of the bank examiner, and the physical assets were moved to Sistersville ready to do business there on Tuesday morning. The Sardis Bank had opened for business as usual on Saturday and Monday . although Goddard was not in charge. News of the difficulty had apparently not gotten on the street in the meantime and this fact, plus the fact that the minutes of the Friday evening show affirmatively that Goddard’s tendered resignation was not acted upon, are probably correctly assumed by the plaintiff to be some evidence, at least, that the directors were taking care that the news be not disclosed until the transaction with the Sisters-ville bank be buttoned up. In the meantime Goddard .had decided that he might escape jail if he made good his conversion of the bonds and got them back for their oyners, although the bank’ examiner refused to give him any assurance along this line. He talked with his brother-in-law, Urban Patton, brother of the plaintiff, about raising money, and then got in touch with two Mooney brothers, bankers of the Monroe Bank at the county seat of Woods-field. He told these three of the difficulties in which he found himself. The plaintiff, Ed Pattbn, had $5’,000, on deposit in the Ivlonroe Bank and-Dave Mooney called the plaintiff in to a meeting on Spnday afternoon in the directors’ room of the Monroe Bank, at which ..these five were present. The crux of the plaintiff’s case is made by his following testimony in the record:

“Q. What was said to you when you got there? .
A. Dave Mooney asked Bill Goddard to relate his story to me.
Q. What did Bill Goddard say.
A. That the Sardis bank was dealing with the Union National Bank of Sisters-ville and needed $15,000 in order to consummate the deal.
Q. What else did he say.
A. He said the Monroe Bank would let them have $10,000.
Q. Did he say they would give him any more?
A. No.
Q. What did you say.
A. Dave Mooney said to me, you have about $5,000 on your account, and you let them have that. We will fix it up.
Q. What did you say.
A. I said, what do you think about it, Dave? I did not know anything about it and wanted to know what he thought about it and he said, ‘it is all right.’
Q. What did you say, if anything, to Goddard?
A. Nothing more.
Q. What was done.
A. They fixed up a note for $10,000, and I gave the Monroe Bank a check for the $5,000.
Q. Did you loan any more than $5,000 that day.
A. Yes sir. * * * A note made up, on which my brother, Urban Patton and myself signed as sureties on che $10,000 note and the giving of the check by me to the bank for $5,000.” . .

Patton’s later cross examination developed that Goddard gave him his personal note for $5,000, as evidencing Patton’s right to be repaid for his advance of the money, and Goddard personally signed the $10,000 note which Patton endorsed. The First National Bank of Sardis was on neither note.

, Thus easily was the plaintiff separated from his $5,000 and a $10,000 endorsement. On Monday, i,hree checks in the appropriate amounts were issued to the three banks in payment of Goddard’s personal obligation to them and the “stolen” bonds which he had pledged to secure these notes were returned to the Sardis Bank , and were later distributed'to their real owners. , Goddard denied-Patton’s story .that’.'the [275]*275loan was asked in the name of the bank and testified that he had told Patton of the trouble he was in and the pin-pose for which he wanted the money and how he hoped to raise the money to repay Patton.

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Related

First National Bank v. Patton
21 Ohio Law. Abs. 202 (Ohio Court of Appeals, 1935)

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Bluebook (online)
28 Ohio Law. Abs. 273, Counsel Stack Legal Research, https://law.counselstack.com/opinion/patton-v-first-national-bank-ohioctapp-1938.