Thomas B. Mcdade v. Texas Commerce Bank

In June 1985, McDade retired from TCB after serving as an employee and officer at TCB for 27 years. On August 15, 1985, McDade deposited the funds he received from his TCB thrift plan in a "money market plus" account at TCB. McDade testified that he intended that the funds be deposited in an individual retirement account (IRA), and thought Gayle Songy, the bank officer who opened McDades account, had deposited his funds in a money market IRA. McDade testified that he told Songy he wanted to open an IRA account with a short term maturity, and that Songy talked to him about only IRAs before he opened his new account.