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VALLEY NATIONAL BANK v. MOOREMAN

No. 9844.

106 Ariz. 155 (1970)

472 P.2d 24

The VALLEY NATIONAL BANK of Arizona, a national banking association, Appellant, v. Robert G. MOOREMAN, Receiver for American Title & Trust Company, an Arizona corporation, the Lomas & Nettleton Company, a Connecticut corporation, and Earl C. Moore and Audrey Moore, his wife, Appellees.

Supreme Court of Arizona, In Division.

Rehearing Denied September 15, 1970.

Attorney(s) appearing for the Case

Rawlins, Ellis, Burrus & Kiewit, by Chester J. Peterson, Phoenix, for appellant.

Fennemore, Craig, von Ammon & Udall, by Richard A. Miller, and Michael Preston Green, Phoenix, for appellee, The Lomas & Nettleton Co.

Roush, Mori & Feinstein, by David M. Lurie, Phoenix, for appellees, Earl C. Moore and Audrey Moore.

Kramer, Roche, Burch, Streich & Cracchiolo, by Paul D. Levie, Phoenix, for appellee, Robert G. Mooreman.

LOCKWOOD, Chief Justice.

American Title and Trust Company had two checking accounts. One, in the Guaranty Bank, was designated its escrow account; the other, in the Valley National Bank, was called its trust account, and was used to deposit and disburse funds held in trust for various parties. The Valley Bank was fully aware of the nature of the trust account.

The Lomas and Nettleton Company, hereinafter called Lomas, also maintained a checking account in...

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