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Examiner New York State Bank Department

VOL. VII.

THE COMMERCIAL BOOK COMPANY

69 Wall Street, NEW YORK.

o

ALBANY:

WEED-PARSONS PRINTING CO

I 904

AUG 27 1931

MCMASTER'S COMMERCIAL CASES

AFFECTING THE

BANKER AND MERCHANT

FROM THE REPORTS OF THE HIGHEST COURTS OF THE SEVIIRAL STATES.

J. S. MCMASTER,

EXAMINER N. Y STATE BANK DEPARTMENT.

INDEX.

VOLUME 7, 1904.

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ACCOMMODATION INDORSER:
Rule as to liability of accommodation in-

dorser before inception who indorses
in one State a note payable in another.
Different rule as to indorsers for value
after inception. 207a.

AGENCY:
Where an agent to sell certain property

consummated the sale Sunday,
held that the principal could not re-

pudiate the contract. No. 728, p. 122. Agent who had actual authority to in

dorse checks for deposit, held to have bound his principal by indorsing a check which diverted through

third party. 1912. 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. 116a. . Certain acts of an individual in using

letterheads describing himself agent of a company, held not to make the company liable for certain contracts made by the alleged agent. No.

745, p. 215. Acts of a director of a bank in procur

ing 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 dis

charge broker or employee before end of term of agency or employment. 404a.

ACCOUNT:
Held, in certain case, that where a bank

balanced the pass book and returned
the vouchers of a corporation depos-
itor, 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.

as

ACKNOWLEDGMENT:
Chattel mortgage held void as to record

for the reason that it was acknowl-
edged before a partner of the firm for
whom the mortgagee was trustee :
Imperfect description of chattels. 58a.

iii

AGENCY -- Continued:
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
brought to his knowledge. No. 743,

p. 207.
Where premium on fire insurance policy

was paid by giving the agent
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. 66а. .
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

accepted. Held, that Owners
could repudiate sale on learning that

as

soon

as

ner-

1

was

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 -- Continuel:

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.
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.

735, p. 155
ALTERATION:
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. uga, No. 717, p. 71.

21oa.

2018, No.

ALTERATION Continued:
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.

ARBITRATION:
Urofessional appraisers, usualy employed

by insurance companies in arbitrating
fire insurance losses, held to be dis-
qualified. 60a.

ASSIGNMENT:
Certain assignment void for want of de-

livery. 8oa.
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.
BAGGAGE:
Where a passenger through his own fault

does not travel on the same train with
his baggage — held that the carrier is
not liable as a common carrier, but
only as a warehouseman. 300a.

BANKRUPTCY:
Where a creditor is held to have had

reason to believe that a payment re-
ceived by him was intended as a pref-
erence, the intent of the debtor is
immaterial. No. 726, p. 111.

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.

BILL OF LADING . Continued :

tention of the shipper not being called

thereto. 292a.
Purchaser, 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.
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.
2732.

I 2a.

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-

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