Question: When Timothy Holloway was six years old, Rountree Crisp purchased a $20,000 certificate of deposit payable to "Timothy Holloway, by Rountree Crisp, Agent" from Wachovia Bank. After Crisp's death, Wachovia paid the proceeds of the CD to Marcia Coleman, Crisp's daughter and Timothy's mother, and Louise Crisp, Crisp's widow and Timothy's grandmother.

They had indorsed the CD "Timothy Holloway by Estate of George Crisp, Marcia Coleman, Adminx., Louise Crisp, Adminx." Coleman put the proceeds into another CD in the name of Timothy Holloway, by Marcia Coleman. Wachovia subsequently issued a check for the CD with the same payee. After Timothy became an adult he sued Wachovia. Should Wachovia be held liable?