Scholfield

In 1928 one George T. Porter was apparently secretary of the Universal Sales Corporation, which conducted a plumbing business in Los Angeles, and was a depositor in a branch bank in Hollywood conducted by defendant’s assignor, Los Angeles-First National Trust & Savings Bank, hereinafter referred to as “Bank”. The manager of said branch bank at the times in question here was one C. L. Lamping. Said Sales Corporation becoming involved, applied to said Lamping for assistance. Plaintiff and his assignor, Dwight Lanning, advanced $1500 each to said Sales Corporation, through said Lamping, and such Sales Corporation gave to each its note payable on demand, for such sums. No interest was specified in the notes, but said Lamping was to be paid the sum of $200 per month, as salary, by said Sales Corporation, which was to be divided between those so advancing money. The first contributors apparently were plaintiff’s assignor, one Van Dam, and said Lamping. The last-named contributed the sum of $1,000. Afterwards plaintiff came into the pool. Said Sales Corporation was to place in the hand of said Lamping as collateral security, to the contributors to said pool, notes and accounts due it.…