BANKS AND BANKING-DEPOSITS-RESULTING TRUSTS UNDER THE CONTRACT THEORY OF JOINT BANK ACCOUNTS

Authors

Warren K. Urbom S. Ed., University of Michigan Law SchoolFollow

Abstract

A husband carried a bank account in his own name. Subsequently, he and his wife signed a signature card at the bank upon which appeared the following: 'We agree . . . that all funds now, or hereafter, deposited to this account are, and shall be, our joint property and owned by us as joint tenants with right of survivorship, and not as tenants in common; and upon the death of either of us any balance . . . shall become the absolute property of the survivor. The entire account or any part thereof may be withdrawn by . . . either of us or the survivor." No money belonging to the wife was ever deposited. After the death of .the husband his residuary legatees filed a petition claiming the balance of the account by virtue of a resulting trust which they sought to show by parol evidence to have been intended by the husband. Judgment was for the wife. On appeal, held, affirmed. The signature card constituted a contract clearly expressing the husband's intent, and could not be varied or altered by parol evidence through the device of a resulting trust. Hill v. Havens, (Iowa 1951) 48 N. W. (2d) 870.

Recommended Citation

Warren K. Urbom S. Ed., BANKS AND BANKING-DEPOSITS-RESULTING TRUSTS UNDER THE CONTRACT THEORY OF JOINT BANK ACCOUNTS, 51 Mich. L. Rev. 100 (1952).
Available at: https://repository.law.umich.edu/mlr/vol51/iss1/8