justia.com | November 6, 2015
|Court: Supreme Court of Texas Docket: 14-0486
||Opinion Date: October 30, 2015
|Areas of Law: Banking, Trusts & Estates
Lorene and Harley Walter owned a certificate of deposit account with Bank of America. The account was a survivorship account and a payable-on-death account. After Harley died and while Lorene was still alive, the Bank distributed the funds in the account to Dwight Eisenhauer and Jo Ann Day, the named beneficiaries on the account, in equal sums. The Bank violated its deposit agreement with the Walters in doing so because these payments were made before Harley’s death. Eisenhauer, using his power of attorney, deposited his check into an account in Lorene’s name, making himself beneficiary upon her death. After Lorene died, Eisenhauer, as the independent executor of Lorene’s estate, sued the Bank for breach of the deposit agreement. The jury found that the Bank had failed to comply with the agreement but that the estate suffered no damages. The trial court subsequently granted judgment for Eisenhauer notwithstanding the jury’s verdict and rendered judgment for the amount that had been distributed to Day, plus interest, costs, and attorney fees. The court of appeals affirmed. The Supreme Court reversed, holding that the trial court erred in granting judgment notwithstanding the verdict to Eisenhauer, as the evidence supported the jury’s finding that the estate suffered no damages.
Nancy Duffy McCarron, CBN 164780
Attorney, Real Estate Broker, BBB Arbitrator, CA Notary Public
Certified Forensic Loan Auditor, Property Manager
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