Kendrick State Bank v. First Nat. Bank

We think a bare statement of the substantial facts in this case, appearing from the written correspondence of the parties and by uncontradicted oral testimony, is enough to show that the judgment of the court below should be affirmed.

The action was brought by the plaintiff in error to recover a balance of $8,283.09, claimed to be its money on deposit with the defendant, which the latter refused to repay upon demand. The record shows that the Kendrick Bank had been, for a number of years prior to the transactions in question, a correspondent of the Portland Bank—J. W. Bradbury being its president and the owner of 23,000 of the' 25,-000 shares of its stock, and all of the balance, with the exception of sufficient to qualify the other directors, being owned by members of his family. In June, 1910, the Kendrick Bank obtained a loan from the Portland Bank of $5,000 at 6 per cent, per annum interest, giving as security therefor a certificate of deposit in that amount, with *611 certain other collaterals; the money so loaned being deposited with the Portland Bank to the credit of the Kendrick ■ Bank. That loan was extended from time to time at the request of the Kendrick Bank. In…