TAMMALA W. RAVENSTEIN, INDIVIDUALLY, AND REAGAN E. RAVENSTEIN, A MINOR, BY AND THROUGH TAMMALA W. RAVENSTEIN, HER NATURAL MOTHER, ADULT NEXT FRIEND, AND GUARDIAN AD LITEM, APPELLANTS
COMMUNITY TRUST BANK F/K/A MADISON COUNTY BANK AND MADISON COUNTY FINANCIAL CORPORATION, APPELLEES
[Copyrighted Material Omitted]
COURT FROM WHICH APPEALED: MADISON COUNTY CIRCUIT COURT. DATE OF JUDGMENT: 03/22/2012. TRIAL JUDGE: HON. WILLIAM E. CHAPMAN III. TRIAL COURT GRANTED SUMMARY JUDGMENT IN FAVOR OF APPELLEES.
FOR APPELLANTS: JIM WARREN III, JACOB THOMAS EVANS STUTZMAN.
FOR APPELLEES: KEITH R. RAULSTON, APRIL REEVES FREEMAN, LINDSAY CONWAY THOMAS.
MAXWELL, J. LEE, C.J., GRIFFIS, P.J., BARNES, ISHEE, ROBERTS, CARLTON, FAIR AND JAMES, JJ., CONCUR. IRVING, P.J., DISSENTS WITH SEPARATE WRITTEN OPINION.
NATURE OF THE CASE: CIVIL - CONTRACT
¶1. Tammala Ravenstein (Tammy) was listed as the joint owner with her then-husband, Ronald Ravenstein (Ronnie), on four certificates of deposit (CDs). Under the identical terms of each CD, only one endorsement was necessary for a person who had signed the signature card to request a " transfer," which the CDs defined as a change in ownership. Ronnie, who had signed the signature card, without Tammy's knowledge, transferred the four CDs to his sole ownership. Ronnie then pledged the CDs as collateral for a loan from the bank that he defaulted on, triggering the bank's right to apply the CDs against the balance of the loan.
¶2. Aggrieved by the loss of the CDs, Tammy has not sued Ronnie. Instead, she has sued the bank for allowing the transfer. She claims the bank breached her contractual rights. But the unambiguous terms of the CDs permitted the bank to consent to a transfer requested by one person who had signed the signature card, without obtaining the other owner's consent. And contrary to Tammy's assertion, under the clear terms of the CDs, the bank was under no obligation to Tammy to require Ronnie ...