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C & S NAT'L BK. OF S.C. v. BUDGET AND CONTROL BD.

18362

246 S.C. 140 (1965)

142 S.E.2d 874

The CITIZENS AND SOUTHERN NATIONAL BANK OF SOUTH CAROLINA, Respondent, v. The STATE BUDGET AND CONTROL BOARD of South Carolina, The South Carolina National Bank of Charleston, S.C. The First National Bank of South Carolina, The Peoples National Bank of South Carolina, and The Federal Reserve Bank of Richmond, Virginia, Defendants, of which the State Budget and Control Board of South Carolina is Appellant.

Supreme Court of South Carolina.

June 15, 1965.

Attorney(s) appearing for the Case

Messrs. Daniel R. McLeod, Attorney General, and Grady L. Patterson, Jr., Assistant Attorney General, of Columbia, for Appellant.

Messrs. Robinson, McFadden & Moore, of Columbia, for Respondent, The Citizens and Southern National Bank of South Carolina.

Messrs. Leatherwood, Walker, Todd & Mann, of Greenville, for Respondent, The Peoples National Bank of Greenville, S.C..

Messrs. Boyd, Bruton, Knowlton & Tate, of Columbia, for the First National Bank of South Carolina, and Messrs. Nelson, Mullins, Grier & Scarborough, of Columbia, for the Federal Reserve Bank of Richmond, Virginia.

June 15, 1965.

BRAILSFORD, Justice.

The sole question involved on this appeal, of first impression in this jurisdiction, is when the statute of limitations starts to run on a depositor's cause of action against a bank to recover funds paid out on check bearing forged endorsement and charged to depositor's account.

The circuit court held that the statute commences to run when the check bearing forged endorsement is returned to the depositor as a cancelled...

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