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  5. 578 S.W.2d 625 (1979)
 

CONTINENTAL BANKERS LIFE, ETC. v. BANK OF ALAMO

578 S.W.2d 625 (1979)

CONTINENTAL BANKERS LIFE INSURANCE COMPANY OF the SOUTH, Petitioner, v. The BANK OF ALAMO, Respondent.

Supreme Court of Tennessee.

March 12, 1979.

Attorney(s) appearing for the Case

William Rice, Jr., Rice & Rice, Jackson, for petitioner.

T.J. Emison, Jr., Emison & Emison, P.C., Alamo, for respondent.

OPINION

FONES, Justice.

This is a suit to recover $50,000 deposited in the Bank of Alamo by Peoples Protective Life Insurance Company (PPLI), represented by a certificate of deposit (CD) dated May 5, 1974, due in thirty days. Bank refused payment and defended the suit on the theory that the deposit was first made in November 1973 as "security" for a $100,000 loan to Peoples Protective Corporation (PPC), the parent corporation of the depositor, or in the...

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