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ACCORD AND SATISFACTION:
ACCORD AND SATISFACTION — Con.
no bar to an action on the original check, proffered on condition that
collect the balance, and constitutes
that it was in full payment, cashed Where plaintiff received defendant's
ized, and did not affect the question
hail policy, the insurer claimed it constituted an accord and satisfac-
full to date," or an equivalent
verted claim as a matter of law.
of a note to procure one of their
ing a check on which was written tribute his proportionate share of
sideration for an agreement by the
payee to accept a less sum in satis.
149a, No. 1477.
ALTERATION OF INSTRUMENTS:
material alteration of the capacity
other indorsers or makers.
one of the obligors before delivery
BILLS AND NOTES:
signers of a note was erased before
of business W. knew to be 48 Walker
BANKS AND BANKING - Continued.
first in fault, and as his negligence
against a bank to which he was in-
any debt owing to it by the assignor.
claim to defendant, who claimed the
check drawn upon a bank in an-
office of M., and introduced him as
BANKS AND BANKING Continued.
The check was presented by the stranger, to whom it had been given, indorsed by that person and by W., to the bank and by it was paid, relying upon the identification by W. The person who received the money was not the owner of the land, but an impostor. Held that, although M. was mistaken and de. ceived, yet, inasmuch as the person he dealt with was the person intended by him as the payee of the check and the identical person to whom the bank paid it, he cannot recover his loss from the bank. Page 139a, No. 1469.
BANKS AND BANKING — CASHIER: A cashier of a bank cannot delegate to
an officer of another bank authority to accept drafts in such cashier's
Drafts on a State bank were presented
at a national bank, and the vicepresident of the national bank, with the authority of the cashier of the state bank, executed a written acceptance in the name of the cashier of the State bank. Held that, as one person cannot be an agent and a party at the same time except with the full knowledge and consent of the principal, the acceptance by the vice-president was not authorized, and hence was not evidence of a written acceptance under L. O. L. (Ore.), $ 5965, requiring the acceptance of a bill to be in writing and signed by the drawee. Page 94a, No. 1447.
BANKS AND BANKING - CHECKS
Continued. because defendant had ordered pay. ment stopped. Held, that plaintiff bank was a bona fide purchaser of the check for value, and not a mere subagent of the insolvent bank for collection and credit, and was therefore entitled to recover in the absence of proof that he purchased the check with actual knowledge of the deposit bank's insolvency or any in
firmity connected therewith. The rights of plaintiff as a bona fide
purchaser being determined in accordance with the legal as distinguished from the equitable rights of the parties, it was entitled to recover the whole amount of the check, and was not subject to a deduction to the amount in its hands to the credit of the indorsing bank at the time of the latter's failure. No.
1441. As a general rule, where a check is
drawn payable to an actually existing person, and his indorsement there. of is forged, payment by the bank on which it is drawn is not an acquittance, though it also bears the indorsement of other banks through which it has passed; it having used no diligence to ascertain whether the payee's indorsement was genuine, and not having shown the other
banks had used any. Even if the fact that the endorsement
of the payee of a check was forged by a person of the same name, living where the bank which first cashed it was located, could affect the liability to the drawer, of the bank on which it was drawn, which subsequently paid it, such indorse
ment cannot be presumed. The rule that, where one, by represent
ing that he is a certain other person, induces another to draw a check in his favor in the name of that person, the drawer cannot complain of its payment when indorsed by such imposter in the name assumed, does not apply where a check, payable to a certain person, is delivered to another on his false representation that he is the payee's agent and is paid on said imposter's forged indorsement of the payee's
BANKS AND BANKING – CHECKS: Defendant drew a check on its bank
in O., and by indorsement made the check payable to its deposit bank in L., which thereafter became insolvent. The check was credited to defendant on the books of the L. Bank and sent to plaintiff, the L. Bank's correspondent for collection and credit. Plaintiff on receiving the check, payable by indorsement to the order of any bank or banker, in a letter advising that it was enclosed for collection and credit, credited the amount to the L. Bank's general account, and thereafter paid drafts against the account and made remittances to the L. Bank, so that its credit at the close of business on October 10th, when the L. Bank closed its doors, was much less than the amount of the check which, on being presented to the drawee bank for payment, payment was refused
Where H. falsely claiming to be F.'s
agent, delivered to R. a deed of land, F.'s signature to which as grantor was forged, and received from R. a check payable to F., the bank on which it was drawn, being sued by R., on the ground that it
BANKS AND BANKING - DE.
POSITORS - Continued.
BANKS AND BANKING DE.
POSITS TRUST FUNDS
NOTICE: Where the source and nature of an ac.
count in the name of an estate were disclosed by the terms of deposit in bank, the bank must be held to have known that, if the administrator appropriated the deposit to his own use, the appropriation would be a
breach of its trust. Money deposited in a bank is held by
the bank subject to the obligation to pay to the depositor on demand or
to his order. Where money is deposited in a bank,
the checks of the depositor will not transfer the debt or title to the payee without the bank's consent. Page 14la, No. 1471.
BANKS AND BANKING - DRAFTS:
the title thereto passed to the bank;
BANKS AND BANKING - NOTICE: Where a cashier of a bank pledged
BANKS AND BANKING - CHECKS
- Continued. was liable for payment of the check on the forged indorsement of F.'s name, may not introduce the deed in evidence for comparison of the signature thereto with that of the indorsement of the check; it being immaterial whether or not they are the same. Page 92a, No. 1446.
BANKS AND BANKING - COLLEC.
plaintiff bank for collection, sent to
BANKS AND BANKING DE.
erly indorsed, retained by its bank
ant's name. Page 7a, No. 1393. Evidence held to show that a draft
with bill of lading attached was deposited for collection, and not so as to pass title to the bank. Page 140a, No. 1470.
notes with such bank as collateral security for his own indebtedness, the bank is not chargeable with his knowledge of any infirmity in such notes. Page 98a, No. 1449.
BANKS AND BANKING DEPOSIT
defendants to deposit funds in the
On discovery of the book. keeper's defalcations, his surety paid the bank the shortage and took an assignment of the bank's claim against defendants, arising through the overdraft resulting from charging their checks against their_account. The national bank act (Rev. St. U. S., § 5190; U. S. Comp. St. 1901, p. 3486) requires a national bank to transact its business at the place specified in the organization certificate. Held, that as affecting defendant's liability to the surety, the bookkeeper must be deemed to
BANKS AND BANKING FUNC
TIONS_PAYMENT OF CHECKS: A bank's failure to pay a check of a
depositor drawn in favor of another does not render it liable, unless the check was presented at the proper time and place, properly indorsed, and, if transferred by the payee, properly indorsed by the transferee. Page 46a, No. 1416.
by a corporation by general assign-