E. Keith Howick v. Bank Salt Lake

Howicks corporate client had a certificate of deposit in the amount of $5,000 with the bank which it had pledged for a loan. The corporate client obtained temporary possession of the certificate by telling the bank it needed the certificate to show its auditor in order to make up a prospectus for stock sale purposes. Instead of returning the certificate to the bank as promised, the corporate client assigned it to Howick in payment of attorneys fees which it owed to him. The bank refused to honor the certificate when Howick presented it for payment, and this action was commenced to collect the amount due, together with damages for failure to pay.