Εικόνες σελίδας
PDF
Ηλεκτρ. έκδοση
[merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small]

COPYRIGHT 1906,

BY

COMMERCIAL BOOK COMPANY.

AUG 27 1931

MCMASTER'S COMMERCIAL DECISIONS

'AFFECTING THE

BANKER AND MERCHANT

FROM THE reports of the HIGHEST COURTS OF THE SEVERAL STATES.

J. S. MCMASTER,

EXAMINER N. Y STATE BANK DEPARTMENT

INDEX.

ACCEPTANCE:

A bank in Missouri in answer to a
telegram from a bank in Wiscon-
sin, "Will you honor draft J. V.
eight hundred dollars," replied that
it would. The draft had been
drawn for that amount with ex-
change. Held, that there was no
partial acceptance so as to make
the bank liable for $800. 152a, No.
894, p. 200.

ACCOMMODATION:

M executed and delivered his prom-
issory note for the benefit of the
payee and an indorser and he had
to pay it. Held, that the persons
for whose accommodation the
note was made were liable to M
for the amount with interest. 163a,
No. 902, p. 226.

ACCOMMODATION INDORSER:
In the State of Kentucky there is a
seven-year statute of limitations
as to actions against sureties and
accommodation indorsers. Plain-
tiff Weller brought suit on a prom-
issory note signed by defendants
more than seven years after its
date. This note was the renewal
of another note on which they were
indorsers. Held, that defendants
having been accommodation in-
dorsers on first note became only
sureties of the note in suit. 205a.
Amy H. Kellogg, a married woman,
and a resident of the State of New
Jersey, indorsed her husband's
promissory note, in blank, signing
the same at their house in New

ACCOMMODATION INDORSER-
Continued.

Jersey. Amy Kellogg, the defend-
ant, claimed that she was not liable,
because the laws of New Jersey do
not allow a married woman to be-
come an accommodation indorser.
Held, that contract was to be de-
termined by the laws of New York
State, and that defendant was liable.
94a, No. 882, p. 134.

ACCORD AND SATISFACTION:
. Plaintiff, on receiving less than the
face amount of a benefit certificate
on the life of her husband, gave a
receipt for the full amount, at the
same time writing and signing a
statement on the back of the certifi-
cate that the sum was accepted un-
der protest. Held, that as a matter
of law such receipt did not consti-
tute an accord and satisfaction of
plaintiff's claim. 126a.

Certain payments in discharge of a

debt for a greater amount, held to
be a good accord and satisfaction,
and that it would discharge the debt.
No. 867, p. 56.

ACTION:

Where the right to contract involves
the right to bring an action for a
breach of contract when the law
creates a new right to contract, the
mere creation of such right also in-
cludes an appropriate remedy by ac-
tion for its notation. 248a.

ACT OF MORTGAGEE:
The indemnitor is liable to a mort-
gagee as for a conversion where the

ACT OF MORTAGEE - Continued.

mortgaged property in the possession of the mortgagee is levied on and sold under an execution against the mortgagor, the sheriff having required indemnity bonds before he would levy and sell. 273a.

ADMINISTRATOR:

Where by the Civil Code, section 22232224, of California, a bank becomes the involuntary trustee for the sum of $1,893.56, a deposit, the property of decedent's estate, the administrator of said estate cannot release the bank from its relation and responsibility as trustee. 230a, No. 926, p. 345.

AGENCY:

A son held a note made by his mother for $700, secured by mortgage. He requested one Fisher to bring to him the note and mortgage and arrange to have them withdrawn so that property will be clear. The son indorsed on the face of the note the words "Paid L. F. Wittman, 4-1099." Immediately afterward the son died, and Fisher subsequently delivered the papers to the mother. Held, that the note and mortgage were not properly discharged, nor was there a gift of them to the mother, but they were enforceable against her. 75a, No. 869, p. 65. The right of a purchaser from a drummer to countermand the order so given. Authority of drummer in such cases. No. 866, p. 51. Where the owner of a note for $2,600, duly indorsed, deposited the same for safe keeping with a third party, and such third party wrongfully sold the note for $2,000, and did not account to the owner for any part thereof, held, that such purchaser thereby obtained an interest in the note to the extent of $2,000. 51a, No. 863, p. 40.

Certain note secured by mortgage was paid by the maker to the payee after the payee had transferred it to the third party, who at all times retained possession of it. Held, that the note and mortgage were to be read together as one instrument; that non-negotiable clauses in the mortgage made the note non-negotiable; that recording of the assignment on the mortgage was, in this instance, notice to the maker that the payee was not the owner of the note nor the proper person to receive payment and discharge the mortgage. 58a.

AGENCY- Continued.

An investment company, the payee of a note with interest coupons attached, indorsed it to a third party, who retained the securities in her possession. The payor of the note paid the interest then due to the company, and received later the coupon interest note. He at the same time paid the company the principal of the note which it retained, the owner of the note receiving no part of it. Held, that the owner of the note and mortgagee could enforce them. 74a, No. 870, p. 67. A corporation sent its note to an agent, requesting him to have it discounted for the benefit of the corporation and the proceeds remitted to it. The agent stated these facts to a bank and requested the bank to discount the note, which the bank declined to do. Subsequently the agent represented to the bank that he was the owner of the note, and it discounted the note for him individually and allowed him to use the proceeds for his own benefit. Held, that as against the makers of the note the bank was not a holder in due course, and that the bank could not collect of the makers. 9a.

Cashier of bank held not to have power to bind the bank and thus release an indorser on a note by extending the time of the payment of the note to the maker. 19a.

AGENT:

In an action by plaintiffs on the guaranty of defendant this authority to purchase was proved, “I give permission to my son to buy goods for $50 on the terms of thirty days on my name and the bill to be sent to me." Held, that the guaranty was for a single purchase. 201a.

Where an agent of a corporation exceeded his authority in contracting for his principal, if the latter on learning of the terms of the agreement promptly repudiated it, the company is not liable. 166a, No. 911, p. 275.

ALTERATION:

A renewal promissory note indorsed for accommodation of maker by Mrs. G was after such indorsement altered by changing the name of one payee for another and the striking out of the word "jointly." Held, that under the Negotiable Instruments Law, she was not liable on the note. 207a, No. 914, p. 289

ALTERATION—Continued.

46

The striking out of the words "Notice of such option being hereby expressly waived" and "Without any notice whatever" in a clause, stating that upon a failure to pay the interest the principal sum should become due in a promissory note after execution and delivery, held, to con stitute a material alteration. 1992. In an action on a promissory note the defense set up by the makers was a material change of the terms of the contract, after signing and before purchase by the plaintiff. The trial court charged that the burden of proof is on the defendant to show that plaintiff did not purIchase the note in good faith." Held error. 89a, No. 879, p. 120. In an action by the holder of a promissory note, in due course, defendant and indorser claimed that a material alteration made by maker on face of note after indorser signed released him. Note was made and discounted in one State, indorsed in another. Held, that law of State where indorsed governed, and as Negotiable Instruments Law prevailed there indorser was not released. rora. Certain irregular indorser of a note held, under the negotiable instruments law, to be a strict indorser, and under the provisions of the same law the holder of the note could enforce it according to its original tenor, although, without the holder's knowledge or consent, the maker has materially altered it after it was indorsed. 47a.

[merged small][merged small][merged small][ocr errors]

APPARENT MAKER - Continued.

of another note on which they were indorsers. Held, that defendants having been accommodation indorsers on first note become only sureties of the note in suit. 205a.

ASSENT:

B. guaranteed the account of A. to a company. The company addressed a letter to Beall, which he received, notifying him that at the request of the debtor it would extend the time of the payment of the account by accepting the debtor's note for thirty days. To this letter B. did not reply. Held, that B. was released as guarantor. 5a, No. 855, P. I.

ASSIGNMENT:

In an action to enforce payment of a non-negotiable note, where it appears that the makers had neither actual nor constructive notice of the assignment of the paper, held, that proof of payment of the note to the payee is an absolute defense. 185a. Where there was evidence showing the debtor's insolvency and a knowledge of the same by the bank to whom he had made assignments of his outstanding accounts, the trustee in bankruptcy could recover SO much of the bank's collection from transfer

to

made within four months, as had been applied to the payment of the indebtedness due it at the time the arrangement was made with the bankrupt for the assignment of the accounts, but could not recover so much of the fund as had been ap-. plied by the bank to the payment of the bankrupt's liabilities third persons. No. 905, p. 244. One Tolman bought of Warner a bond and mortgage on real estate. Tolman took the mortgage but Warner never delivered the bond. Subsequently, and long before Tolman recorded his assignment of the mortgage, Warner sold the same bond and mortgage to the Syracuse Savings Bank. Warner delivered the bond to the bank but never delivered the mortgage. Held, on appeal, that Tolman held lien prior to the bank. 110a, No. 888, p. 169. T. gave his promissory note to plaintiff, a life insurance corporation, for a loan and assigned a paid-up life policy, in which his wife and children were named as beneficiaries,

« ΠροηγούμενηΣυνέχεια »