First Nat'l City Bank v. McManus
North Carolina Court of Appeals
223 S.E.2d 554, 29 N.C. App. 65 (1976)
- Written by Serena Lipski, JD
Facts
When John McManus (defendant) retired, he took his pension as a lump-sum payment. First National City Bank (the bank) (plaintiff), the trustee of the pension fund, made a clerical error and paid McManus $21,944.65 instead of $3,376.10. McManus paid taxes on the amount and then invested the remainder in a business, and the business did not separately maintain the funds McManus had invested. After discovering the error, the bank sued McManus, seeking restitution due to mistake. McManus moved for summary judgment, alleging that the bank was not entitled to restitution because he had changed his position due to the bank’s mistake. Specifically, McManus argued that because he had paid taxes on the larger amount, paid legal fees to defend the bank’s suit against him, and had invested the money in a business that had not maintained his investment separately, it would be inequitable for the bank to receive restitution. The trial court agreed with McManus and granted summary judgment dismissing the case. The bank appealed.
Rule of Law
Issue
Holding and Reasoning (Morris, J.)
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