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WIS. BANKERS ASSO. v. MUTUAL SAV. & LOAN ASSO.

No. 77-347.

87 Wis.2d 470 (1978)

275 N.W.2d 130

WISCONSIN BANKERS ASSOCIATION, and others, Plaintiffs-Appellants, v. MUTUAL SAVINGS & LOAN ASSOCIATION OF WISCONSIN, Defendant-Respondent.

Court of Appeals of Wisconsin.

Decided December 29, 1978.

Attorney(s) appearing for the Case

For the plaintiff-appellants, there were briefs by James P. Brody, Lawrence J. Bugge and Thomas L. Shriner, Jr. of Foley & Lardner, Milwaukee, with oral argument by James P. Brody.

For the defendant-respondent there were briefs by Edward A. Dudek and James D. Friedman of Frisch, Dudek & Slattery, Ltd., of Milwaukee, with oral argument by Edward A. Dudek.

For the Wisconsin Commissioner of Savings & Loan were amicus curiae briefs by William R. Hotz, Lowell E. Nass, assistant attorney general, and Bronson C. La Follette, attorney general.

For the Savings League of Wisconsin were amicus curiae briefs by John K. Maclver and W. Charles Jackson of Michael, Best & Friedrich, of Milwaukee.

Before Decker, C.J., Cannon, P.J., and R. W. Hansen, Reserve Judge.

DECKER, C.J.

This appeal presents the issue of the legality of Mutual Savings and Loan Association's Supreme Account II, an account denominated by the respondent as the N.O.W. account. N.O.W. is an acronym for negotiable order of withdrawal. The challenged account is a service by which a savings and loan depositor can authorize payment from his savings account directly to a third party by issuing a negotiable sight draft drawn on his account and payable to the named...

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