{ "id": 2548990, "name": "TIMOTHY S. HOLLOWAY, JR. v. WACHOVIA BANK & TRUST COMPANY, N.A. and WACHOVIA BANK & TRUST COMPANY, N.A. v. MARCIA CRISP COLEMAN", "name_abbreviation": "Holloway v. Wachovia Bank & Trust Co.", "decision_date": "1992-12-18", "docket_number": "No. 11PA92", "first_page": "94", "last_page": "105", "citations": [ { "type": "official", "cite": "333 N.C. 94" } ], "court": { "name_abbreviation": "N.C.", "id": 9292, "name": "Supreme Court of North Carolina" }, "jurisdiction": { "id": 5, "name_long": "North Carolina", "name": "N.C." }, "cites_to": [ { "cite": "410 S.E.2d 915", "category": "reporters:state_regional", "reporter": "S.E.2d", "year": 1991, "opinion_index": -1 }, { "cite": "104 N.C. App. 631", "category": "reporters:state", "reporter": "N.C. App.", "case_ids": [ 8523432 ], "year": 1991, "opinion_index": -1, "case_paths": [ "/nc-app/104/0631-01" ] }, { "cite": "500 S.W.2d 563", "category": "reporters:state_regional", "reporter": "S.W.2d", "case_ids": [ 10135545 ], "year": 1973, "pin_cites": [ { "page": "565" } ], "opinion_index": 0, "case_paths": [ "/sw2d/500/0563-01" ] }, { "cite": "245 S.E.2d 2", "category": "reporters:state_regional", "reporter": "S.E.2d", "year": 1978, "pin_cites": [ { "page": "3" } ], "opinion_index": 0 }, { "cite": "145 Ga. App. 775", "category": "reporters:state", "reporter": "Ga. App.", "case_ids": [ 787352 ], "year": 1978, "pin_cites": [ { "page": "776" } ], "opinion_index": 0, "case_paths": [ "/ga-app/145/0775-01" ] }, { "cite": "332 S.E.2d 177", "category": "reporters:state_regional", "reporter": "S.E.2d", "year": 1985, "pin_cites": [ { "parenthetical": "when bank had knowledge that certificates had been confiscated by SBI in connection with fraud investigation, bank should have held the funds until a court of law determined the ownership of the certificates" } ], "opinion_index": 0 }, { "cite": "313 N.C. 597", "category": "reporters:state", "reporter": "N.C.", "case_ids": [ 4724929, 4720873, 4726445, 4725392, 4719870 ], "year": 1985, "pin_cites": [ { "parenthetical": "when bank had knowledge that certificates had been confiscated by SBI in connection with fraud investigation, bank should have held the funds until a court of law determined the ownership of the certificates" } ], "opinion_index": 0, "case_paths": [ "/nc/313/0597-05", "/nc/313/0597-02", "/nc/313/0597-01", "/nc/313/0597-03", "/nc/313/0597-04" ] }, { "cite": "325 S.E.2d 656", "category": "reporters:state_regional", "reporter": "S.E.2d", "weight": 4, "year": 1985, "pin_cites": [ { "page": "658", "parenthetical": "when bank had knowledge that certificates had been confiscated by SBI in connection with fraud investigation, bank should have held the funds until a court of law determined the ownership of the certificates" }, { "page": "657-58" }, { "page": "657-58" }, { "page": "657-58" } ], "opinion_index": 0 }, { "cite": "73 N.C. App. 147", "category": "reporters:state", "reporter": "N.C. App.", "case_ids": [ 8522337 ], "weight": 4, "year": 1985, "pin_cites": [ { "page": "149-50", "parenthetical": "when bank had knowledge that certificates had been confiscated by SBI in connection with fraud investigation, bank should have held the funds until a court of law determined the ownership of the certificates" }, { "page": "149" }, { "page": "149" }, { "page": "149" } ], "opinion_index": 0, "case_paths": [ "/nc-app/73/0147-01" ] }, { "cite": "138 S.E.2d 821", "category": "reporters:state_regional", "reporter": "S.E.2d", "year": 1964, "pin_cites": [ { "page": "822" } ], "opinion_index": 0 }, { "cite": "263 N.C. 89", "category": "reporters:state", "reporter": "N.C.", "case_ids": [ 8567416 ], "year": 1964, "pin_cites": [ { "page": "90-91" } ], "opinion_index": 0, "case_paths": [ "/nc/263/0089-01" ] }, { "cite": "820 S.W.2d 327", "category": "reporters:state_regional", "reporter": "S.W.2d", "case_ids": [ 9973269 ], "year": 1991, "pin_cites": [ { "page": "337" } ], "opinion_index": 0, "case_paths": [ "/sw2d/820/0327-01" ] }, { "cite": "250 S.E.2d 699", "category": "reporters:state_regional", "reporter": "S.E.2d", "year": 1979, "pin_cites": [ { "page": "704", "parenthetical": "quoting 10 Am. Jur. 2d Banks \u00a7 494, at 462-63 (1963)" } ], "opinion_index": 0 }, { "cite": "39 N.C. App. 420", "category": "reporters:state", "reporter": "N.C. App.", "case_ids": [ 8552657 ], "year": 1979, "pin_cites": [ { "page": "427", "parenthetical": "quoting 10 Am. Jur. 2d Banks \u00a7 494, at 462-63 (1963)" } ], "opinion_index": 0, "case_paths": [ "/nc-app/39/0420-01" ] }, { "cite": "72 S.E.2d 759", "category": "reporters:state_regional", "reporter": "S.E.2d", "year": 1952, "pin_cites": [ { "page": "761" } ], "opinion_index": 0 }, { "cite": "236 N.C. 328", "category": "reporters:state", "reporter": "N.C.", "case_ids": [ 8625408 ], "year": 1952, "pin_cites": [ { "page": "330-31" } ], "opinion_index": 0, "case_paths": [ "/nc/236/0328-01" ] }, { "cite": "111 S.E.2d 856", "category": "reporters:state_regional", "reporter": "S.E.2d", "year": 1960, "pin_cites": [ { "page": "857" } ], "opinion_index": 0 }, { "cite": "251 N.C. 655", "category": "reporters:state", "reporter": "N.C.", "case_ids": [ 8626883 ], "year": 1960, "pin_cites": [ { "page": "656" } ], "opinion_index": 0, "case_paths": [ "/nc/251/0655-01" ] }, { "cite": "160 S.E.2d 495", "category": "reporters:state_regional", "reporter": "S.E.2d", "weight": 2, "year": 1968, "pin_cites": [ { "page": "497" }, { "page": "497" } ], "opinion_index": 0 }, { "cite": "273 N.C. 504", "category": "reporters:state", "reporter": "N.C.", "case_ids": [ 8575690 ], "weight": 2, "year": 1968, "pin_cites": [ { "page": "506" }, { "page": "506" } ], "opinion_index": 0, "case_paths": [ "/nc/273/0504-01" ] }, { "cite": "66 N.C. L. Rev. 1349", "category": "journals:journal", "reporter": "N.C. L. Rev.", "year": 1988, "pin_cites": [ { "page": "1349-50", "parenthetical": "statutes, like the Uniform Transfers to Minors Act, which authorize custodial accounts for minors were enacted, in part, in recognition of the hesitation of donors to place large sums of money in the hands of financially irresponsible donees" } ], "opinion_index": 0 }, { "cite": "81 S.D. 255", "category": "reporters:state", "reporter": "S.D.", "case_ids": [ 4628211 ], "weight": 2, "year": 1965, "pin_cites": [ { "page": "259", "parenthetical": "same" }, { "page": "3", "parenthetical": "same" } ], "opinion_index": 0, "case_paths": [ "/sd/81/0255-01" ] }, { "cite": "219 N.W.2d 132", "category": "reporters:state_regional", "reporter": "N.W.2d", "case_ids": [ 10724458 ], "year": 1974, "pin_cites": [ { "page": "136", "parenthetical": "applying a presumption of acceptance by a minor donee of a beneficial gift" } ], "opinion_index": 0, "case_paths": [ "/nw2d/219/0132-01" ] }, { "cite": "571 S.W.2d 659", "category": "reporters:state_regional", "reporter": "S.W.2d", "case_ids": [ 9946996 ], "year": 1978, "pin_cites": [ { "page": "667", "parenthetical": "applying a rebuttable presumption of acceptance by a donee of a beneficial gift" } ], "opinion_index": 0, "case_paths": [ "/sw2d/571/0659-01" ] }, { "cite": "776 F. Supp. 229", "category": "reporters:federal", "reporter": "F. Supp.", "case_ids": [ 11306900 ], "year": 1991, "pin_cites": [ { "page": "235" } ], "opinion_index": 0, "case_paths": [ "/f-supp/776/0229-01" ] }, { "cite": "45 S.W. 2d 811", "category": "reporters:state_regional", "reporter": "S.W.2d", "year": 1932, "pin_cites": [ { "page": "814", "parenthetical": "when deposit is in the name of donee, possession of passbook by depositor \"is not so vital as an element in the transaction and may be explained\"" } ], "opinion_index": 0 }, { "cite": "242 Ky. 5", "category": "reporters:state", "reporter": "Ky.", "case_ids": [ 5785614 ], "year": 1932, "pin_cites": [ { "page": "12", "parenthetical": "when deposit is in the name of donee, possession of passbook by depositor \"is not so vital as an element in the transaction and may be explained\"" } ], "opinion_index": 0, "case_paths": [ "/ky/242/0005-01" ] }, { "cite": "168 N.W. 353", "category": "reporters:state_regional", "reporter": "N.W.", "year": 1918, "pin_cites": [ { "page": "355", "parenthetical": "court finds completed gift, despite fact that depositor retained possession of passbook of a savings account in depositor's name as trustee for his brother, because depositor would naturally retain possession as trustee" } ], "opinion_index": 0 }, { "cite": "140 Minn. 455", "category": "reporters:state", "reporter": "Minn.", "case_ids": [ 8889548 ], "year": 1918, "pin_cites": [ { "page": "460", "parenthetical": "court finds completed gift, despite fact that depositor retained possession of passbook of a savings account in depositor's name as trustee for his brother, because depositor would naturally retain possession as trustee" } ], "opinion_index": 0, "case_paths": [ "/minn/140/0455-01" ] }, { "cite": "24 S.E.2d 246", "category": "reporters:state_regional", "reporter": "S.E.2d", "year": 1943, "pin_cites": [ { "page": "250", "parenthetical": "quoting 10 C.J.S., p. 513" } ], "opinion_index": 0 }, { "cite": "222 N.C. 573", "category": "reporters:state", "reporter": "N.C.", "case_ids": [ 8631433 ], "year": 1943, "pin_cites": [ { "page": "579", "parenthetical": "quoting 10 C.J.S., p. 513" } ], "opinion_index": 0, "case_paths": [ "/nc/222/0573-01" ] }, { "cite": "273 S.E.2d 313", "category": "reporters:state_regional", "reporter": "S.E.2d", "year": 1981, "pin_cites": [ { "page": "315-16" } ], "opinion_index": 0 }, { "cite": "50 N.C. App. 224", "category": "reporters:state", "reporter": "N.C. App.", "case_ids": [ 2675038 ], "year": 1981, "pin_cites": [ { "page": "228-29" } ], "opinion_index": 0, "case_paths": [ "/nc-app/50/0224-01" ] }, { "cite": "219 La. 1", "category": "reporters:state", "reporter": "La.", "case_ids": [ 9923697, 3037524 ], "weight": 2, "year": 1951, "pin_cites": [ { "page": "29-30" }, { "page": "813" } ], "opinion_index": 0, "case_paths": [ "/so2d/51/0804-01", "/la/219/0001-01" ] }, { "cite": "138 A.2d 456", "category": "reporters:state_regional", "reporter": "A.2d", "year": 1958, "pin_cites": [ { "page": "458-59" } ], "opinion_index": 0 }, { "cite": "101 N.H. 218", "category": "reporters:state", "reporter": "N.H.", "case_ids": [ 4454179 ], "year": 1958, "pin_cites": [ { "page": "222-23" } ], "opinion_index": 0, "case_paths": [ "/nh/101/0218-01" ] }, { "cite": "57 S.E. 750", "category": "reporters:state_regional", "reporter": "S.E.", "year": 1907, "pin_cites": [ { "page": "755" } ], "opinion_index": 0 }, { "cite": "128 Ga. 321", "category": "reporters:state", "reporter": "Ga.", "case_ids": [ 437273 ], "year": 1907, "pin_cites": [ { "page": "332" } ], "opinion_index": 0, "case_paths": [ "/ga/128/0321-01" ] }, { "cite": "106 N.W.2d 282", "category": "reporters:state_regional", "reporter": "N.W.2d", "weight": 2, "year": 1960, "pin_cites": [ { "page": "285", "parenthetical": "opening of savings accounts by a mother in her sons' names \"by mother\" indicated an intent to control the funds" }, { "page": "285", "parenthetical": "no completed gift of deposit of money in an account in another's name unless depositor delivers passbook" } ], "opinion_index": 0 }, { "cite": "12 Wis. 2d 58", "category": "reporters:state", "reporter": "Wis. 2d", "case_ids": [ 8676592 ], "year": 1960, "pin_cites": [ { "page": "62", "parenthetical": "opening of savings accounts by a mother in her sons' names \"by mother\" indicated an intent to control the funds" } ], "opinion_index": 0, "case_paths": [ "/wis-2d/12/0058-01" ] }, { "cite": "168 A.L.R. 1324", "category": "reporters:specialty", "reporter": "A.L.R.", "year": 1947, "opinion_index": 0 }, { "cite": "157 A.L.R. 925", "category": "reporters:specialty", "reporter": "A.L.R.", "weight": 2, "pin_cites": [ { "page": "925-30" }, { "page": "926" } ], "opinion_index": 0 }, { "cite": "47 A. 895", "category": "reporters:state_regional", "reporter": "A.", "year": 1900, "pin_cites": [ { "parenthetical": "no gift where husband deposited his own money in a savings account in his wife's name with the passbook in her name" } ], "opinion_index": 0 }, { "cite": "94 Me. 452", "category": "reporters:state", "reporter": "Me.", "case_ids": [ 479881 ], "year": 1900, "pin_cites": [ { "parenthetical": "no gift where husband deposited his own money in a savings account in his wife's name with the passbook in her name" } ], "opinion_index": 0, "case_paths": [ "/me/94/0452-01" ] }, { "cite": "6 S.W.2d 499", "category": "reporters:state_regional", "reporter": "S.W.2d", "year": 1928, "pin_cites": [ { "page": "502" } ], "opinion_index": 0 }, { "cite": "224 Ky. 493", "category": "reporters:state", "reporter": "Ky.", "case_ids": [ 5010585 ], "year": 1928, "pin_cites": [ { "page": "501" } ], "opinion_index": 0, "case_paths": [ "/ky/224/0493-01" ] }, { "cite": "157 A. 704", "category": "reporters:state_regional", "reporter": "A.", "weight": 2, "year": 1931, "pin_cites": [ { "page": "704" } ], "opinion_index": 0 }, { "cite": "103 Pa. Super. 430", "category": "reporters:state", "reporter": "Pa. Super.", "case_ids": [ 697217 ], "weight": 2, "year": 1931, "pin_cites": [ { "page": "432" }, { "page": "432" } ], "opinion_index": 0, "case_paths": [ "/pa-super/103/0430-01" ] }, { "cite": "208 Mont. 237", "category": "reporters:state", "reporter": "Mont.", "case_ids": [ 2505485 ], "weight": 4, "year": 1984, "pin_cites": [ { "page": "241-43" }, { "page": "204" }, { "page": "243-45" }, { "page": "205" } ], "opinion_index": 0, "case_paths": [ "/mont/208/0237-01" ] }, { "cite": "148 S.E.2d 589", "category": "reporters:state_regional", "reporter": "S.E.2d", "year": 1966, "pin_cites": [ { "page": "592" } ], "opinion_index": 0 }, { "cite": "267 N.C 589", "category": "reporters:state", "reporter": "N.C.", "case_ids": [ 8559974 ], "year": 1966, "pin_cites": [ { "page": "591-92" } ], "opinion_index": 0, "case_paths": [ "/nc/267/0589-01" ] }, { "cite": "91 N.M. 117", "category": "reporters:state", "reporter": "N.M.", "case_ids": [ 1571121 ], "weight": 2, "year": 1977, "pin_cites": [ { "page": "119", "parenthetical": "promise to pay was not unconditional and note was expressly drafted to render it nonnegotiable by addition of a restriction on the back of the note stating that the note could not be transferred, assigned, or pledged without consent of the maker" }, { "page": "1146", "parenthetical": "promise to pay was not unconditional and note was expressly drafted to render it nonnegotiable by addition of a restriction on the back of the note stating that the note could not be transferred, assigned, or pledged without consent of the maker" } ], "opinion_index": 0, "case_paths": [ "/nm/91/0117-01" ] }, { "cite": "374 So. 2d 6", "category": "reporters:state_regional", "reporter": "So. 2d", "case_ids": [ 9568038 ], "year": 1979, "pin_cites": [ { "page": "12-13", "parenthetical": "certificate of deposit does not fall under 3-805 because in the event of assignment, the promise to pay is conditioned upon consent of the bank and reflection of the assignment on the bank's books" } ], "opinion_index": 0, "case_paths": [ "/so2d/374/0006-01" ] }, { "cite": "508 So. 2d 1131", "category": "reporters:state_regional", "reporter": "So. 2d", "case_ids": [ 7602607 ], "weight": 2, "year": 1987, "pin_cites": [ { "page": "1134" }, { "page": "1132-34", "parenthetical": "involves three sets of certificates of deposit containing restrictions on transfer, one of which states that no assignment is binding on bank until written notice of assignment by depositor(s) or last registered assignee has been acknowledged in writing by bank" } ], "opinion_index": 0, "case_paths": [ "/so2d/508/1131-01" ] }, { "cite": "129 Cal. Rptr. 852", "category": "reporters:state", "reporter": "Cal. Rptr.", "year": 1976, "pin_cites": [ { "parenthetical": "indorsement to \"Equipment Leasing of California, a corporation, its successors or assigns\" makes notes \"order\" paper under 3-110, not \"bearer\" paper" } ], "opinion_index": 0 }, { "cite": "58 Cal. App. 3d 555", "category": "reporters:state", "reporter": "Cal. App. 3d", "case_ids": [ 4443101 ], "year": 1976, "pin_cites": [ { "parenthetical": "indorsement to \"Equipment Leasing of California, a corporation, its successors or assigns\" makes notes \"order\" paper under 3-110, not \"bearer\" paper" } ], "opinion_index": 0, "case_paths": [ "/cal-app-3d/58/0555-01" ] }, { "cite": "239 S.E.2d 621", "category": "reporters:state_regional", "reporter": "S.E.2d", "year": 1977, "pin_cites": [ { "page": "623" } ], "opinion_index": 0 }, { "cite": "34 N.C. App. 714", "category": "reporters:state", "reporter": "N.C. App.", "case_ids": [ 8551765 ], "year": 1977, "pin_cites": [ { "page": "716" } ], "opinion_index": 0, "case_paths": [ "/nc-app/34/0714-01" ] }, { "cite": "191 S.E.2d 683", "category": "reporters:state_regional", "reporter": "S.E.2d", "year": 1972, "pin_cites": [ { "page": "690" } ], "opinion_index": 0 }, { "cite": "282 N.C. 44", "category": "reporters:state", "reporter": "N.C.", "case_ids": [ 8562635 ], "year": 1972, "pin_cites": [ { "page": "54" } ], "opinion_index": 0, "case_paths": [ "/nc/282/0044-01" ] }, { "cite": "269 S.E.2d 117", "category": "reporters:state_regional", "reporter": "S.E.2d", "weight": 2, "year": 1980, "pin_cites": [ { "page": "122", "parenthetical": "a paper which states that \"the undersigned hereby absolutely and unconditionally guarantees to you and your successors and assigns the due and punctual payment of any and all notes\" is not negotiable under Article Three" } ], "opinion_index": 0 }, { "cite": "301 N.C. 44", "category": "reporters:state", "reporter": "N.C.", "case_ids": [ 8561083 ], "weight": 2, "year": 1980, "pin_cites": [ { "page": "51-52", "parenthetical": "a paper which states that \"the undersigned hereby absolutely and unconditionally guarantees to you and your successors and assigns the due and punctual payment of any and all notes\" is not negotiable under Article Three" } ], "opinion_index": 0, "case_paths": [ "/nc/301/0044-01" ] }, { "cite": "410 S.E.2d 915", "category": "reporters:state_regional", "reporter": "S.E.2d", "weight": 2, "year": 1991, "pin_cites": [ { "page": "917" } ], "opinion_index": 0 }, { "cite": "104 N.C. App. 631", "category": "reporters:state", "reporter": "N.C. App.", "case_ids": [ 8523432 ], "weight": 2, "year": 1991, "pin_cites": [ { "page": "634" } ], "opinion_index": 0, "case_paths": [ "/nc-app/104/0631-01" ] } ], "analysis": { "cardinality": 1130, "char_count": 28367, "ocr_confidence": 0.729, "pagerank": { "raw": 1.0658505270794756e-07, "percentile": 0.5583447143057375 }, "sha256": "b7fd8a164762a597a4d01c8da7fa94adcc3ad11e48763268fa86cc344c90ea16", "simhash": "1:7a38d1aa54a7814b", "word_count": 4784 }, "last_updated": "2023-07-14T15:19:51.258099+00:00", "provenance": { "date_added": "2019-08-29", "source": "Harvard", "batch": "2018" }, "casebody": { "judges": [ "Justice WEBB did not participate in the consideration or decision of this case." ], "parties": [ "TIMOTHY S. HOLLOWAY, JR. v. WACHOVIA BANK & TRUST COMPANY, N.A. and WACHOVIA BANK & TRUST COMPANY, N.A. v. MARCIA CRISP COLEMAN" ], "opinions": [ { "text": "WHICHARD, Justice.\nOn 13 October 1975, Wachovia Bank (\u201cWachovia\u201d) issued a $20,000.00 certificate of deposit to \u201cTimmy S. Holloway, Jr., by Rountree Crisp, Sr., Agent.\u201d At the time Timmy (\u201cTimothy\u201d) was a six-year-old minor. Crisp died on 5 April 1978. At Crisp\u2019s death, the certificate of deposit in Timothy\u2019s name with Crisp as agent was found in Crisp\u2019s safe deposit box, along with two other certificates of deposit. One was in the name of \u201cRountree Crisp, agent for Marcia Coleman,\u201d and the other was in the name of \u201cRountree Crisp, Agent for Rountree Crisp, Jr.\u201d Wachovia paid the latter two certificates of deposit to Marcia Coleman and Rountree Crisp, Jr., respectively.\nMarcia Coleman, Crisp\u2019s daughter and Timothy\u2019s mother, testified on deposition that her father may have placed certificates of deposit in the names of various people for tax purposes. Coleman also testified that her father was very private about his financial affairs, never told her about the certificate of deposit in Timothy\u2019s name, did tell her about the certificate in her name, and paid her the interest on the latter certificate.\nAs to the certificate of deposit in Timothy\u2019s name, on 11 April 1980 Wachovia paid to Marcia Coleman and Louise Crisp, Crisp\u2019s widow and Timothy\u2019s grandmother, the sum of $26,294.92, purportedly the proceeds then due on the certificate of deposit, upon an endorsement reading \u201cTimothy S. Holloway, Jr., by Estate of George R. Crisp, Sr., Marcia Coleman, Adminx., Louise D. Crisp, Adminx.\u201d On the same date and on a second occasion, Coleman rolled over the proceeds of the certificate of deposit into the following certificates of deposit issued by Wachovia: 1) a certificate for $26,294.92 in the name of \u201cTimmy S. Holloway, Jr., by Marcia Coleman,\u201d dated 11 April 1980 and 2) a certificate for $26,294.92 in the name of \u201cTimmy S. Holloway, Jr., by Marcia Coleman,\u201d dated 17 October 1980.\nOn 23 October 1981, Coleman presented the 17 October 1980 certificate to Wachovia for payment. Wachovia paid the certificate with a check in the amount of $26,294.92 payable to \u201cTimmy S. Holloway, Jr., by Marcia Coleman.\u201d Coleman stated in response to interrogatories that she does not remember what she did with the $26,294.92 proceeds of the 23 October 1981 check. At this time, Timothy was still a minor. No court had appointed Coleman as Timothy\u2019s guardian with authority to receive the funds for him. In June 1986, Coleman was appointed Timothy\u2019s guardian for purposes of holding real property inherited by Timothy from his grandmother, Louise Crisp.\nTimothy attained his majority on 5 September 1987. Shortly before his eighteenth birthday, Timothy\u2019s relationship with his mother had deteriorated to the point that he had moved away from her house and to an aunt\u2019s house. In the summer of 1988, Timothy was in need of money and his aunt told him about the certificate of deposit left by his grandfather. Timothy then remembered that his grandmother had told him when he was a child that his grandfather had left him money.\nOn 12 May 1989, Timothy brought this action against Wachovia seeking to recover the original value of the certificate ($20,000.00) plus interest. Both parties moved for summary judgment. The trial court denied Timothy\u2019s motion and granted Wachovia\u2019s motion. The Court of Appeals affirmed. Holloway v. Wachovia Bank and Trust Co., 104 N.C. App. 631, 410 S.E.2d 915 (1991). On 4 March 1992, we allowed plaintiff\u2019s petition for discretionary review. On appeal, the parties agree that no triable issue of fact exists; neither party has disputed that the case is appropriate for summary judgment.\nBoth lower courts viewed the issue as whether the certificate of deposit which Crisp purchased constituted a completed inter vivos gift to Timothy; both held that it did not. We hold that the certificate of deposit does represent a completed inter vivos gift from Crisp to Timothy. We further hold that the certificate evidences a contract between Wachovia and Crisp, the terms of which Wachovia violated when it paid the proceeds of the certificate to Coleman. The trial court thus erred in denying Timothy\u2019s motion for summary judgment and in granting Wachovia\u2019s, and the Court of Appeals erred in affirming the trial court.\nBefore turning to our gift and contract analysis, we first note that the certificate of deposit in question does not qualify as a negotiable instrument under the Uniform Commercial Code (\u201cUCC\u201d). While the UCC explicitly recognizes that certificates of deposit can be negotiable instruments, N.C.G.S. \u00a7 25-3-104(2)(c) (1986), the certificate at issue fails to meet two elements of negotiability under the UCC. First, the certificate is not payable to \u201corder\u201d or to \u201cbearer.\u201d N.C.G.S. \u00a7 25-3-104(l)(d) (1986). Rather, the certificate is \u201cpayable to the Registered Holder, or to the duly registered assignee hereof.\u201d While the UCC states that \u201cassigns\u201d language may satisfy the requirement of being payable to order, N.C.G.S. \u00a7 25-3-110(1) (1986), this Court has held that language similar to that contained in the certificate lacks the essential words of negotiability. Trust Co. v. Creasy, 301 N.C. 44, 51-52, 269 S.E.2d 117, 122 (1980) (a paper which states that \u201cthe undersigned hereby absolutely and unconditionally guarantees to you and your successors and assigns the due and punctual payment of any and all notes\u201d is not negotiable under Article Three); see also Savings & Loan Assoc. v. Trust Co., 282 N.C. 44, 54, 191 S.E.2d 683, 690 (1972); Gray v. American Express Co., 34 N.C. App. 714, 716, 239 S.E.2d 621, 623 (1977); but see Security Pacific Nat\u2019l Bank v. Chess, 58 Cal. App. 3d 555, 561 and 561 n.7, 129 Cal. Rptr. 852, 856 and 856 n.7 (1976) (indorsement to \u201cEquipment Leasing of California, a corporation, its successors or assigns\" makes notes \u201corder\u201d paper under 3-110, not \u201cbearer\u201d paper).\nIf the certificate of deposit merely lacked \u201corder\u201d or \u201cbearer\u201d language and met all the other requirements of negotiability under the UCC, the UCC would still govern, except there could be no holder in due course of the certificate. N.C.G.S. \u00a7 25-3-805 (1986); Creasy, 301 N.C. at 52 n.2, 269 S.E.2d at 122 n.2. There is a second aspect of the certificate, however, which places it in a class of certificates of deposit which are not negotiable by either means under the UCC because they contain terms precluding transfer. See Estate of Isaacson v. Isaacson, 508 So. 2d 1131, 1134 (Miss. 1987); Steven L. Harris, Non-Negotiable Certificates of Deposit: An Article 9 Problem, 29 U.C.L.A. L. Rev. 330, 333 (1981). Those terms are that the \u201cCertificate is assignable only by registration on the books of the Bank.\u201d Courts that have addressed similar restricting language in certificates of deposit and other instruments have held that these instruments are nonnegotiable because they do not contain the unconditional promise to pay required by section 3-104(l)(b) of the UCC. Isaacson, 508 So. 2d at 1132-34 (involves three sets of certificates of deposit containing restrictions on transfer, one of which states that no assignment is binding on bank until written notice of assignment by depositor(s) or last registered assignee has been acknowledged in writing by bank); Citizens Nat. Bank of Orlando v. Bornstein, 374 So. 2d 6, 12-13 (Fla. 1979) (certificate of deposit does not fall under 3-805 because in the event of assignment, the promise to pay is conditioned upon consent of the bank and reflection of the assignment on the bank\u2019s books); First State Bank v. Gallup v. Clark, 91 N.M. 117, 119, 570 P.2d 1144, 1146 (1977) (promise to pay was not unconditional and note was expressly drafted to render it nonnegotiable by addition of a restriction on the back of the note stating that the note could not be transferred, assigned, or pledged without consent of the maker).\nBecause the certificate of deposit at issue does not fall under the UCC, we must turn to the common law. We first turn to gift law, as the lower courts did. The essential elements of a gift inter vivos are 1) donative intent and 2) delivery, actual or constructive. Fesmire v. Bank, 267 N.C 589, 591-92, 148 S.E.2d 589, 592 (1966). The lower courts agreed with Wachovia that both elements are absent in this case. The Court of Appeals reasoned that donative intent is negated by the presence of the language \u201cRountree Crisp, Sr., Agent,\u201d as that language indicates an intent to retain some control over the certificate of deposit. The Court of Appeals also held that no delivery, actual or constructive, occurred, where neither Timothy nor his mother knew of the existence of the certificate until it was found in Crisp\u2019s safe deposit box after his death.\nWe hold that Crisp clearly expressed his intent to give the underlying funds to Timothy when he transformed the funds into a certificate of deposit in Timothy\u2019s name, with himself listed merely as agent for Timothy. See, e.g., Malek v. Patten, 208 Mont. 237, 241-43, 678 P.2d 201, 204 (1984); Kelly v. Huplits, 103 Pa. Super. 430, 432, 157 A. 704 (Super. Pa. 1931). There are two key aspects of this transaction that indicate donative intent. First, Crisp did not merely place the funds in a bank account with Timothy\u2019s name on the passbook. All but one of the cases, most of them quite old, on which Wachovia relies involve mere deposits in bank accounts, not deposits that are further formalized and clarified through the purchase of certificates in the donee\u2019s name. See, e.g., Peters\u2019 Adm\u2019r v. Peters, 224 Ky. 493, 501, 6 S.W.2d 499, 502 (Ky. Ct. App. 1928) (mere act by father of depositing money in a checking account in his adult son\u2019s name does not indicate donative intent, as the act did not cause the father to lose control or dominion over it; father had right to change his mind and recover the money up to any point where the son learned of the gift and accepted it); Getchell v. Biddeford Sav. Bank, 94 Me. 452, 47 A. 895 (1900) (no gift where husband deposited his own money in a savings account in his wife\u2019s name with the passbook in her name). For the other cases relied on by Wachovia, see L. S. Tellier, Gift or trust by deposit in bank in another\u2019s name or in depositor\u2019s own name in trust for another, as affected by lack of knowledge on the part of such other person, 157 A.L.R. 925, at 925-30 (1945, Supp. 168 A.L.R. 1324 (1947)) and 10 Am. Jur. 2d Banks \u00a7 395 (1963). Donative intent may be less clear when the putative donor merely deposits money in a bank account in another\u2019s name. In the case at bar, however, Crisp took the further step of transferring the account into a certificate of deposit, which stated on its face that Timothy was the payee of the deposited funds. \u201cThe transfer of the account into the certificate was the vital element in this transaction. It showed the executed purpose to give. The certificate spoke for itself; it asserted on its face that the [donee] was the owner of the deposited money.\u201d Kelly, 103 Pa. Super, at 432, 157 A. at 704.\nSecond, Crisp placed himself on the certificate as agent of Timothy, not as co-owner or as \u201cgrandfather.\u201d Cf. Guardianship of Coolidge, 12 Wis. 2d 58, 62, 106 N.W.2d 282, 285 (1960) (opening of savings accounts by a mother in her sons\u2019 names \u201cby mother\u201d indicated an intent to control the funds). Wachovia argues that there is no agency relationship because there was no meeting of the minds between Timothy and Crisp that Crisp would be Timothy\u2019s agent and, therefore, there was no contract which Timothy could ratify upon attaining his majority. It does not matter whether Crisp succeeded in establishing a legally binding agency relationship. Cf. Jackson v. Gallagher, 128 Ga. 321, 332, 57 S.E. 750, 755 (Ga. 1907) (court deemed it unnecessary to discuss the doctrine of appointment and ratification of agents by children in case where uncle deposited money for his niece as the child\u2019s agent; uncle \u201cwould be in no position to claim that he could afterwards use the money for himself because the child was of tender years, could not contract, and had not formally appointed him an agent to receive the money for her\u201d). The agency language on the certificate is only of interest regarding the question of donative intent. On this point, Wachovia argues, and the Court of Appeals agreed, that by naming himself as agent, Crisp indicated that he did not intend to relinquish all control and dominion over the funds. We hold that the language indicates only that Crisp intended to exercise control over the funds as Timothy\u2019s agent. When one acts as another\u2019s agent in the payment or delivery of agency funds, the agent may not use the funds as his own and may not deny the title of the principal. Guarantee v. Ginsberg, 101 N.H. 218, 222-23, 138 A.2d 456, 458-59 (1958); Succession of Onorato, 219 La. 1, 29-30, 51 So. 2d 804, 813 (1951); cf. Nye v. Lipton, 50 N.C. App. 224, 228-29, 273 S.E.2d 313, 315-16 (1981) (where lender loaned principal money for which lender took note from principal, principal instructed attorney agent to pay loan from first moneys of principal which came to attorney agent, and attorney agent received moneys for principal and did not pay lender with them, attorney agent\u2019s estate was liable for amount of money loaned). Crisp, therefore, by naming himself as Timothy\u2019s agent, did indicate an intent to relinquish control and dominion over the funds as his funds.\nAs to delivery, \u201c[t]here may be a delivery notwithstanding the maker keeps the [instrument] in his possession, where it is apparent that he intended to hold it for the benefit and as the agent of the payee.\u201d Cartwright v. Coppersmith, 222 N.C. 573, 579, 24 S.E.2d 246, 250 (1943) (quoting 10 C.J.S., p. 513); cf. Walso v. Latterner, 140 Minn. 455, 460, 168 N.W. 353, 355 (1918) (court finds completed gift, despite fact that depositor retained possession of passbook of a savings account in depositor\u2019s name as trustee for his brother, because depositor would naturally retain possession as trustee); Collins v. Collins\u2019 Administrator, 242 Ky. 5, 12, 45 S.W. 2d 811, 814 (1932) (when deposit is in the name of donee, possession of passbook by depositor \u201cis not so vital as an element in the transaction and may be explained\u201d); but see Coolidge, 12 Wis. at 62, 106 N.W.2d at 285 (no completed gift of deposit of money in an account in another\u2019s name unless depositor delivers passbook). Further, the evidentiary purpose of the formality of delivery is met when a certificate of deposit is made in a name other than the depositor\u2019s, as the courts can rely on the contract between the bank and the depositor, evidenced by the certificate, as proof of the gift. See, e.g., Malek, 208 Mont. at 243-45, 678 P.2d at 205; 10 Am. Jur. 2d Banks \u00a7 378, at 343 (1963); 157 A.L.R. at 926. Finally, relaxing of the technical requirements as to gifts is justified by the certainty of transfer and ownership that the form of a certificate of deposit affords and where, as here, an adult donor may not choose, for practical reasons, to physically deliver a large sum of money to a young child. See, e.g., Leggett v. Rose, 776 F. Supp. 229, 235 (E.D.N.C. 1991); Roth v. Roth, 571 S.W.2d 659, 667 (Mo. Ct. App. 1978) (applying a rebuttable presumption of acceptance by a donee of a beneficial gift); In re Estate of Paulson, 219 N.W.2d 132, 136 (N.D. 1974) (applying a presumption of acceptance by a minor donee of a beneficial gift); Bunt v. Fairbanks, 81 S.D. 255, 259, 134 N.W.2d 1, 3 (1965) (same); 7 Am. Jur. Proof of Facts 2d, Gift of Fund on Deposit \u00a7 16 (1975) (same); cf. Patricia Cramer Jenkins, Survey of Developments in North Carolina Law, 1987, North Carolina Enacts The Uniform Transfers to Minors Act, 66 N.C. L. Rev. 1349, 1349-50 (1988) (statutes, like the Uniform Transfers to Minors Act, which authorize custodial accounts for minors were enacted, in part, in recognition of the hesitation of donors to place large sums of money in the hands of financially irresponsible donees).\nNot only does the certificate represent a completed gift, it also evidences a contract between Crisp and Wachovia, the terms of which Wachovia violated when it paid the proceeds to Coleman. When Crisp deposited the $20,000.00 with Wachovia, a debtor-creditor relationship was established in which Wachovia became the owner of the money and the debtor of Crisp. In re Michal, 273 N.C. 504, 506, 160 S.E.2d 495, 497 (1968); Schwabenton v. Bank, 251 N.C. 655, 656, 111 S.E.2d 856, 857 (1960); Lipe v. Bank, 236 N.C. 328, 330-31, 72 S.E.2d 759, 761 (1952). The terms of the debtor-creditor relationship are determined by the contract between the bank and the depositor. In re Michal, 273 N.C. at 506, 160 S.E.2d at 497. \u201cSince a deposit is a matter of contract between a depositor and the bank, the depositor may stipulate at the time of deposit as to how or by whom the money may be drawn out .... The bank must, in paying out a deposit, comply with its agreement with the depositor.\u201d Insurance Co. v. Bank, 39 N.C. App. 420, 427, 250 S.E.2d 699, 704 (1979) (quoting 10 Am. Jur. 2d Banks \u00a7 494, at 462-63 (1963)).\nThe terms of the contract between Crisp and Wachovia are contained in the certificate of deposit. \u201c[A] certificate of deposit is a bank\u2019s promissory note, payable only according to its terms.\u201d Brown v. Mercantile Bank of Poplar Bluff, 820 S.W.2d 327, 337 (Mo. Ct. App. 1991). Those terms are that the sum of $20,000.00 \u201cshall be payable to the Registered Holder, or to the duly registered assignee hereof.\u201d \u201cTimmy S. Holloway, Jr. by Rountree Crisp, Sr., Agent\u201d is listed in the blank for \u201cregistered holder.\u201d In order to pay the certificate according to its terms, therefore, at the time Coleman presented it, Wachovia had to pay the certificate to Timothy or to someone authorized to accept payment on his behalf. Because Timothy was a minor at the time Wachovia paid the certificate, Wachovia\u2019s only legally permissible option was to pay the funds to a legally appointed guardian for Timothy. Parker v. Moore, 263 N.C. 89, 90-91, 138 S.E.2d 821, 822 (1964). Rather than following the only legally authorized procedure \u2014 i.e., ascertaining whether Coleman was in fact Timothy\u2019s legally appointed guardian, \u201cderiving [her] authority from the action of a competent court, evidenced by a proper record,\u201d 10 Am. Jur. 2d Banks \u00a7 462, at 433 \u2014 Wachovia improperly paid the certificate of deposit to Coleman, who was not Timothy\u2019s legally appointed guardian at the time. Cf. Champion Int. Corp. v. Union Nat\u2019l Bank, 73 N.C. App. 147, 149-50, 325 S.E.2d 656, 658, disc. rev. denied, 313 N.C. 597, 332 S.E.2d 177 (1985) (when bank had knowledge that certificates had been confiscated by SBI in connection with fraud investigation, bank should have held the funds until a court of law determined the ownership of the certificates). It is thus liable to Timothy for having paid the instrument other than according to its terms.\nThe result would be the same under the UCC had the certificate been negotiable. A \u201ccertificate of deposit\u201d is defined by the Code as \u201can acknowledgment by a bank of receipt of money with an engagement to repay it.\u201d N.C.G.S. \u00a7 25-3-104(2)(c) (1986). In engaging to repay a certificate of deposit, a bank, as maker of the instrument, engages to pay it \u201caccording to its tenor.\u201d N.C.G.S. \u00a7 25-3-413(1) (1986); Champion, 73 N.C. App. at 149, 325 S.E.2d at 657-58. The.bank\u2019s liability on the certificate is \u201cunconditional and absolute.\u201d James J. White & Robert S. Summers, Uniform Commercial Code \u00a7 13-6, p. 556 (3d ed. 1988); accord Whiteside v. Douglas County Bank, 145 Ga. App. 775, 776, 245 S.E.2d 2, 3 (1978). As explained above, in order to pay this certificate according to its tenor, Wachovia would have had to pay the proceeds to Timothy or his guardian.\nIf the UCC applied to this case, Wachovia would not be able to claim satisfaction or payment of the certificate under N.C.G.S. \u00a7 25-3-603(1) (1986) because liability of a party is only discharged under this provision by payment or satisfaction to a \u201cholder.\u201d Champion, 73 N.C. App. at 149, 325 S.E.2d at 657-58. Coleman was not a \u201cholder\u201d because the certificate was not \u201cdrawn, issued, or indorsed to [her] or to [her] order or to bearer or in blank.\u201d N.C.G.S. \u00a7 25-1-201(20) (1986); Champion, 73 N.C. App. at 149, 325 S.E.2d at 657-58. While Coleman was executrix of Crisp\u2019s estate, Crisp\u2019s status as agent for Timothy on the certificate ended with his death. Holloway, 104 N.C. App. at 634, 410 S.E.2d at 917; 3 Am. Jur. 2d Agency \u00a7 57, at 559 (1986). Coleman, therefore, could not act on Crisp\u2019s behalf as Timothy\u2019s agent in accepting payment of the certificate.\nHad Timothy been able to sue under the UCC, he would not have sued as \u201cholder\u201d of the certificate because he did not have possession of the original certificate of deposit. See Haupt v. Coldwell, 500 S.W.2d 563, 565 (Tex. Ct. App. 1973). Rather, he would have had to bring his action pursuant to N.C.G.S. \u00a7 25-3-804 (1986), which permits an owner of an instrument to \u201cmaintain an action in his own name and recover from any party liable\u201d upon an instrument when the instrument has been lost, destroyed, or stolen. Coleman effectively converted the certificate of deposit when, without proper authorization, she presented it for payment and received the proceeds due on it.\nFor the reasons stated, we hold that the Court of Appeals erred in affirming the trial court\u2019s denial of Timothy\u2019s motion for summary judgment and granting of Wachovia\u2019s motion for summary judgment. The decision of the Court of Appeals is therefore reversed, and the cause is remanded to that court for further remand to the Superior Court, New Hanover County, for entry of summary judgment for plaintiff.\nREVERSED AND REMANDED.\nJustice WEBB did not participate in the consideration or decision of this case.", "type": "majority", "author": "WHICHARD, Justice." } ], "attorneys": [ "Maupin Taylor Ellis & Adams, P.A., by Karon B. Thornton and James E. Gates, for plaintiff appellant.", "Stevens, McGhee, Morgan, Lennon & O\u2019Quinn, by Richard M. Morgan, for defendant appellee.", "No brief filed by third-party defendant Marcia Crisp Coleman." ], "corrections": "", "head_matter": "TIMOTHY S. HOLLOWAY, JR. v. WACHOVIA BANK & TRUST COMPANY, N.A. and WACHOVIA BANK & TRUST COMPANY, N.A. v. MARCIA CRISP COLEMAN\nNo. 11PA92\n(Filed 18 December 1992)\n1. Uniform Commercial Code \u00a7 28 (NCI3d)\u2014 certificate of deposit\u2014 not a negotiable instrument under UCC\nA certificate of deposit issued by a bank was not a negotiable instrument under the UCC because it was payable \u201cto the Registered Holder, or to the duly registered assignee hereof\u201d and not payable to \u201corder\u201d or to \u201cbearer,\u201d and because it was \u201c. . . assignable only by registration on the books of the Bank,\u201d terms precluding transfer. N.C.G.S. \u00a7 25-3-104(l)(d); N.C.G.S. \u00a7 25-3-104(l)(b).\nAm Jur 2d, Banks \u00a7\u00a7 457, 458.\n2. Gifts or Donations \u00a7 12 (NCI4th)\u2014 certificate of deposit\u2014 donative intent \u2014delivery\nThe essential elements of a gift inter vivos were present in a certificate of deposit issued to \u201cTimmy S. Holloway, Jr., by Rountree Crisp, Sr., Agent\u201d where Timmy was a six-year-old minor and Crisp\u2019s grandson. Crisp clearly expressed his intent to give the underlying funds to Timothy when he transformed the funds into a certificate of deposit in Timothy\u2019s name, with himself listed merely as agent for Timothy. This indicates donative intent because Crisp did not merely place the funds in a bank account with Timothy\u2019s name on the passbook, but took the further step of transferring the account into a certificate of deposit which stated on its face that Timothy was the payee, and because Crisp placed himself on the certificate as agent, not as co-owner or as grandfather. It does not matter whether Crisp established a legally binding agency relationship; by naming himself as Timothy\u2019s agent, Crisp indicated an intent to relinquish control and dominion over the funds. As to delivery, there may be a delivery notwithstanding the maker keeps the instrument in his possession where it is apparent that he intended to hold it for the benefit and as the agent of the payee; further, the evidentiary purpose of the formality of delivery is met when a certificate of deposit is made in a name other than the depositor\u2019s, as the courts can rely on the contract between the bank and the depositor, evidenced by the certificate, as proof of the gift. Relaxing the technical requirements as to gifts is justified by the certainty of transfer and ownership that the form of a certificate of deposit affords and where an adult donor may not choose, for practical reasons, to physically deliver a large sum of money to a young child.\nAm Jur 2d, Gifts \u00a7\u00a7 20, 70, 71, 96, 97.\n3. Banks and Other Financial Institutions \u00a7 48 (NCI4th)\u2014 certificate of deposit \u2014 contract\u2014terms violated\nThe trial court erred by granting summary judgment for Wachovia in an action for the value of a certificate of deposit plus interest where the certificate was to \u201cTimmy S. Holloway, Jr., by Rountree Crisp, Sr. Agent\u201d; Timmy was a six-year-old minor and Crisp\u2019s grandson; the certificate was found in Crisp\u2019s safe deposit box after his death; Wachovia paid the proceeds then due on the certificate to Marcia Coleman, Timothy\u2019s mother, and to Louise Crisp, Crisp\u2019s widow and Timothy\u2019s grandmother, upon an endorsement reading \u201cTimothy S. Holloway, Jr., by Estate of George R. Crisp, Sr., Marcia Coleman, Adminx., Louise D. Crisp, Adminx.\u201d; on the same date and on a subsequent occasion Coleman rolled over the proceeds into a certificate of deposit in the name of \u201cTimmy S. Holloway, Jr. by Marcia Coleman\u201d; Coleman thereafter presented the certificate for payment while Timothy was a minor; she does not remember what she did with the proceeds; no court had appointed her as Timothy\u2019s guardian with authority to receive the funds; and Timothy brought this action after attaining his majority. When Crisp deposited the $20,000 with Wachovia, a debtor-creditor relationship was established in which Wachovia became the owner of the money and the debtor of Crisp. The terms of the contract are contained in the certificate of deposit and, in order to pay the certificate according to its terms, Wachovia had to pay the certificate to Timothy or to someone authorized to accept payment on his behalf. Because Timothy was a minor, Wachovia\u2019s only legally permissible option was to pay the funds to a legally appointed guardian for Timothy.\nAm Jur 2d, Banks \u00a7\u00a7 460-462.\n4. Uniform Commercial Code \u00a7 28 (NCI3d)\u2014 certificate of ' deposit \u2014wrongful payment \u2014 liability of bank\nAlthough a certificate of deposit was not negotiable, it would have been wrongfully paid under the UCC where the certificate was to \u201cTimmy S. Holloway, Jr., by Rountree Crisp, Sr., Agent\u201d; Timmy was a six-year-old minor and Crisp\u2019s grandson; the certificate was found in Crisp\u2019s safe deposit box after his death; Wachovia paid the proceeds then due on the certificate to Marcia Coleman, Timothy\u2019s mother, and to Louise Crisp, Crisp\u2019s widow and Timothy\u2019s grandmother, upon an endorsement reading \u201cTimothy S. Holloway, Jr., by Estate of George R. Crisp, Sr., Marcia Coleman, Adminx., Louise D. Crisp, Adminx.\u201d; on the same date and on a subsequent occasion Coleman rolled over the proceeds into a certificate of deposit in the name of \u201cTimmy S. Holloway, Jr. by Marcia Coleman\u201d; Coleman thereafter presented the certificate for payment while Timothy was a minor; she does not remember what she did with the proceeds; no court had appointed her as Timothy\u2019s guardian with authority to receive the funds; and Timothy brought this action after attaining his majority. In order to pay this certificate according to its tenor, Wachovia would have had to pay the proceeds to Timothy or his guardian. While Coleman was executrix of Crisp\u2019s estate, Crisp\u2019s status as agent for Timothy ended with his death and Coleman could not act on Crisp\u2019s behalf as Timothy\u2019s agent in accepting payment of the certificate. Coleman effectively converted the certificate of deposit when, without proper authorization, she presented it for payment and received the proceeds due on it. N.C.G.S. \u00a7 25-3-804.\nAm Jur 2d, Banks \u00a7\u00a7 460-462.\nOn discretionary review pursuant to N.C.G.S. \u00a7 7A-31 of a decision of the Court of Appeals, 104 N.C. App. 631, 410 S.E.2d 915 (1991), affirming a judgment entered by Fullwood, J., on 14 December 1990 in Superior Court, New Hanover County. Heard in the Supreme Court 10 September 1992.\nMaupin Taylor Ellis & Adams, P.A., by Karon B. Thornton and James E. Gates, for plaintiff appellant.\nStevens, McGhee, Morgan, Lennon & O\u2019Quinn, by Richard M. Morgan, for defendant appellee.\nNo brief filed by third-party defendant Marcia Crisp Coleman." }, "file_name": "0094-01", "first_page_order": 142, "last_page_order": 153 }