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BANK OF SERVICES & TRUSTS v. WHITNACK

No. 17602.

468 S.W.2d 179 (1971)

BANK OF SERVICES & TRUSTS, Appellant, v. John L. WHITNACK, Appellee.

Court of Civil Appeals of Texas, Dallas.

Rehearing Denied June 11, 1971.

Attorney(s) appearing for the Case

Joe B. Abbey, Haynes & Boone, Dallas, for appellant.

Steven G. Condos, Condos & North, Dallas, for appellee.

GUITTARD, Justice.

John L. Whitnack sued Bank of Services & Trusts on certificate of deposit for $15,000 payable to Donald Carman and endorsed by Carman. The bank claimed the right to offset Carman's debts against the certificate. Judgment was rendered on a verdict for Whitnack, and the bank appeals. The principal question is whether Whitnack is a "holder for value."

Carman was a licensed securities broker. Whitnack owned 4,500 shares of stock in Securities...

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