Carew

Carew v. Hibernia Bank

Good Law
186 Cal. App. 2d 764·9 Cal. Rptr. 905
Court of Appeal of CaliforniaNovember 28, 1960Civ. No. 18644California2,202 words

Opinion

Lead Opinion

Tobriner, J.

Appellant seeks a declaration that as a depositor of The Hibernia Savings and Loan Society, a membership corporation, she possessed the same rights in its reserve fund as the members of the society and that therefore she was entitled to share equally with the members upon the corporation’s conversion to a stock structure and “distribution of capital stock into which said reserve fund was converted. ’ ’

The summary judgment declares that a nonmember depositor of the society held no “interest in its property, assets or reserve fund or ... to any of its capital stock or any proceeds thereof.”

Appellant presents no question of any factual issue for determination by the trial court; indeed she asserts that the by-laws and conditions of deposit attached to Cyril Tobin’s affidavit, in support of respondents’ motion for summary judgment, are determinative of her rights. Appellant makes no claim that all depositors, including appellant, did not receive the semiannual dividends or interest on their deposit balances at the same rate as every other depositor. The first amended complaint likewise alleges, on information and belief, that the society “paid to depositors only interest upon…

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