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Contracts Keyed to Barnett
Morrow v. First National Bank of Hot Springs
Citation:
Supreme Court of Arkansas, 261 Ark. 568, 550 S.W. 429 (1977)Facts
For a number of years before 1971, the Coin Collectors collected coins individually and as partners. In 1971 a good portion of the collection was kept at one of the Coin Collectors’ homes (Morrow’s home) in Hot Springs. Morrow had installed metal cabinets in his house, arranged so that a burglar would have to go through eleven sets of locks. The Coin Collectors began to look for safety deposit boxes in 1969 but could not find any. Morrow discussed the problem with Bank. In the summer of 1971, Bank was planning to move into a new building which contained safety deposit boxes. Bank advertised the boxes and the Coin Collectors reserved three large boxes in the new building on June 25th, paying $25 per box. It was expected that the boxes wouldn’t be ready for 30-60 days. Morrow explained that he needed them by September 1st, when his son was leaving for college, and one or two employees promised to notify Morrow as soon as the boxes were available. Bank was on notice through a loan application that the coins were worth at least $12,000. On September 4, 1971, someone broke into the home and stole coins valued at $32,155.17. When Morrow inquired about the safety deposit boxes the next day, he learned that they had been available since August 30th. An employee of Bank told Morrow that they hadn’t had time to notify Morrow that the boxes were ready. The Coin Collectors moved their collection into the safety deposit boxes and then sued the Bank for breach of contract.
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