Decisions of the highest coURTS OF THE SEVERAL
Examiner New York State Bank Department
THE COMMERCIAL BOOK COMPANY
69 Wall Street, NEW YORK.
MCMASTER'S COMMERCIAL CASES
FROM THE REPORTS OF THE HIGHEST COURTS OF THE SEVERAL STATES.
Held, in certain case, that where a bank balanced the pass book and returned the vouchers of a corporation depositor, and in the entries in the book and in such vouchers there was plain evidence, which would have appeared on an examination of the book, of the fact that an employee was defrauding the bank or corporation, that the loss would fall on the corporation. 463a.
ACKNOWLEDGMENT:
Chattel mortgage held void as to record for the reason that it was acknowledged before a partner of the firm for whom the mortgagee was trustee : Imperfect description of chattels. 58a.
Where an agent to sell certain property consummated on the sale Sunday, held that the principal could not repudiate the contract. No. 728, p. 122. Agent who had actual authority to indorse checks for deposit, held to have bound his principal by indorsing a check which was diverted through third party. A special agent with authority to sell a particular article, held to have power to fix price, and buyer is not bound by secret instructions of principal to agent. No. 718, p. 73.
Death terminates instantly all power to
act under a power of attorney not coupled with an interest. 1ба. Certain acts of an individual in using letterheads describing himself as agent of a company, held not to make the company liable for certain contracts made by the alleged agent. No.
Acts of a director of a bank in procuring paper to be discounted, held to be the acts of an outsider, not those of a director. No. 747, p. 225. Where a president of a corporation, without proper authority from the corporation, employed a broker to sell some of its real estate, held that the president would be liable to the broker for special damages. No. 771, p. 314. Right of employer or principal to discharge broker or employee before end of term of agency or employment. 404a.
Where a commission merchant deposited in his own name proceeds of sale of principal's property, held that the bank could apply the credit to debts due the bank from the commission merchant. 398a.
A broker, knowing in receiving an order for sale of stocks that the broker giv- ing the order is acting for an undis- closed principal, may elect whether he will proceed against the broker or the principal, but having proceeded against one he loses all rights against the other. 362a.
Banker who was instructed to loan de- positor's funds, held responsible for loan carelessly or fraudulently made to one who was largely indebted to the banker. 359a.
Where a bank cashier drew checks of his bank, signed by himself as cash- ier, and sent them to a brokerage firm through whom he was speculating, held that the brokers were liable to the bank for funds lost to the bank, the cashier not having accounted to the bank for the amount of such checks. 336a.
Where an agent, with authority only to
rent land, made a contract of sale with one who went into possession in good faith and made valuable im- provements to the buildings, held, that the owner was not liable for the value of the improvements, he having repudiated the contract as soon as brought to his knowledge. No. 743,
Where premium on fire insurance policy was paid by giving the agent mer- chandise, held that such payment would not bind the company. 59a. Rule as to implied power of president and secretary of a corporation to exe- cute its promissory note. 66a. Authority of agent, who has power to indorse for deposits, to indorse and draw money. 64a.
Agent to sell ice had an offer of $1.50
a ton which he did not report to his principal. Subsequently he said that he could get 75 cents a ton, which offer was accepted. Held, that Owners could repudiate sale on learning that the agent was purchaser. 55a. Real estate brokers' right to commis- sions where the principal had reserved the right to make sale himself, and had made sale, and the brokers had found a purchaser before being noti- fied of the sale. 50a.
Where a depositor in bank drew his check for $5,000 on the bank and re- quested the cashier to deposit the amount for him in another bank, and
AGENCY-- Continued:
the cashier used the check to cover his defalcation, held, reversing the lower court, that the cashier's bank was lia- ble. 294a.
Where a trust company held as collat- eral for a $5,000 debt, mortgages of the face value of $24,000, on property worth $20,000, and the owner of the collateral ordered the trust com- pany to foreclose the mortgage and bid the property in for what it was worth, and the company bid the face of the mortgage - $4,000 more than the property was worth-Held, that the trust company became a purchaser on their own account and must ac- count for the $24,000 as money re- ceived at the sale. 307a.
Where a president of a corporation with- out proper authority executed a con- tract in the name of the corporation and the corporation repudiated the contract: Held, that if the other party to the contract was in position to fully perform, the president would be liable on his implied warranty of his au- thority to bind the corporation. 325a. Where the cashier and manager of a
bank was indebted, individually, to a third party, and the cashier, when de- mand was made for the payment of his debt, stated to the creditor that he had placed the amount to her credit on the books of the bank-but no credit was made- - but the amount was placed on the creditor's pass book, and checked out: Held, on the failure of the bank, and discovery of the transaction, that the creditor was lia- ble to the bank for the amount so withdrawn. 210a.
Where an agent deposited money of his principal in a bank, and at the agent's request the bank so telegraphed the principal: Held, that the bank was liable to the principal although it handed the amount back to the agent on his failure to have a proper signa- ture card furnished the bank. 253a. Where the president of a corporation who had power to indorse and dis- count its bills receivable and did so frequently with banks - indorsed and discounted such bills to himself on fair terms and in good faith: Held, on appeal, that the corporation was not liable on its indorsement. 201a, No.
An alteration of a contract by an agent authorized to make the contract, held to be the spoliation of a stranger and not to affect the validity of the con- tract. 119a, No. 717, p. 71.
Waiver of protest placed over indorsed
name held to have released him. 147a. Where, after the surety had guaranteed the payments to be made on a ten- year lease, its terms were, without his knowledge, altered so that if the build- ings were destroyed by fire the lease was to terminate, - held that the sur- ety was released. 244a.
Urofessional appraisers, usualy employed by insurance companies in arbitrating fire insurance losses, held to be dis- qualified. 60a.
Certain assignment void for want of de- livery. 80a.
Where one in assigning a usurious bond
and mortgage covenanted "that there is due on said bond and mortgage the sum of $183.72," held, that the as- signor was liable for that amount to the purchaser, although under the New York statute the instruments were void for usury. No. 712, p. 56. Assignments first made of portion of special fund, held to have preference over subsequent assignment although notice of the latter was first conveyed to the debtor. 22a, No. 714, p. 62.
BILL OF LADING:
Bank held not to warrant the contract of the seller by taking his draft, on the buyer, with bill of lading at- tached, and collecting the draft. 128a. In a certain written guaranty of drafts "with bill of lading attached"
which were yet to be issued: Held, that it was for the jury to say whether one who advanced the money on the drafts was bound at his peril to see that the bills of lading were so drawn as to allow him to control the goods. 218a, No. 738, p. 183.
Rule as to release, down to a certain valuation, where stamped on a bill of lading by a common carrier - the at-
BILL OF LADING Continued:
tention of the shipper not being called thereto. 292a.
Purchaser, by his conduct in relation to a certain shipment of damaged goods, held to be liable on his check given therefor to a collecting bank. 40a. Purchaser of bill of exchange with bill of lading attached, held not to warrant to the drawee the quantity or quality of goods mentioned in the bill of lad- ing. I 2a.
Where a bill of lading attached to a draft drawn by S. on J. was made to
Consignee S., notify J.," held, that on payment of draft and its presenta- tion, with bill of lading, to the car- rier, that J. would be entitled to the shipment although the bill of lading was not indorsed.
Where a bill of lading, drawn to the order of the shipper or his assigns, was indorsed by the shipper and at- tached to a draft discounted by a bank, held, that the carrier was liable to the bank for delivering the goods to the consignee named in the bill of lading without its surrender, notwith- standing a custom so to deliver goods. No. 770, p. 308.
BOARD OF TRADE:
Rule in Illinois as to the legality of op- tion contracts. 142a.
BONA FIDE HOLDER:
Under the laws of New Jersey a wife is not liable on a note as surety for her husband: Held, that where a married woman in that State indorsed a note in blank to be used by her husband for a certain purpose, and the hus- band had the note filled out and dis- counted for another purpose in the State of New York, the wife is liable. 35a.
A note negotiable in form, held to be made a non-negotiable instrument by reason of certain clauses in mortgage given to secure it. No. 710, p. 49. Purchaser of bill of exchange with bill of lading attached, held not to warrant to the drawee the quantity or quality of goods mentioned in the bill of lad- ing. 12a.
In many States a pre-existing debt is a sufficient consideration to constitute one a holder in due course of a negoti- able note. The negotiable instruments law seems so to declare; but the lower courts of New York hold that such declaration does not change the rule previously existing in New York, i. e., that such consideration does not con- stitute one a holder in due course.
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