ALLEN ALEXANDER MCKINNON, BY LEE DANIELL, HIS NEXT FRIEND Appellant, V. THE FIRST NATIONAL BANK OF PENSACOLA, A CORPORATION, Appellee, 77 Fla. 777

Summary

The father of four children established four accounts in his children's names at defendant bank, and from time to time he made numerous deposits to the accounts. The money in the accounts was drawn by the father and loaned to the president of the bank, taking his individual notes payable to each of the children from whose account the money was taken. These notes were never paid. An action was brought on behalf of the children against defendant for an accounting and payment of their claims. Following judgment in favor of defendant, the complainant appealed. The court held that at the time the father made the deposits in the bank to the credit of his children, he intended the money so deposited to be a free gift to them. There was nothing in the testimony to show that there was any understanding or agreement between him and the bank to indicate that he was to keep control of the funds and to dispose of them as he saw fit. The money passed absolutely and irrevocably from his custody and ...