The American and English Corporation Cases; A Collection of All Cases Affecting Corporations of Every Kind, Other Than Municipal and Railroad, Decided by the Courts of Appellate Jurisdiction in the United States, England, and Volume 4

The American and English Corporation Cases; A Collection of All Cases Affecting Corporations of Every Kind, Other Than Municipal and Railroad, Decided by the Courts of Appellate Jurisdiction in the United States, England, and Volume 4

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1896 edition. Excerpt: ...in the adjustment of that day's business between these banks. It appeared upon the hearing that the Fifth National Bank carried this as a cash item for a time at Dunham's direction, and that he subsequently paid it from the trust fund. Complainant now claims that, in the accounting, the Fourth National Bank should be charged with the amountof such note, as though it had received payment from the trust fund, and that, as the fund proved inadequate to full payment of the debts, it should account for the excess with interest. Ve may, perhaps, profitably dispose of this question at this point. /Ve think that the Fifth National Bank was under an p, -, .cents, -,6 obligation to treat that note as sent to it for pay"lW'"Y rnent. It saw fit to receive it and settle for it '""d t "' upon an understanding with Dunham, which it was COYCP IIIOIIQY lnstby iinomi not authorized to do on behalf of the holder. If "8"K"-not paid, it should have protested it, and returned it without delay. There is nothing to indicate that the Fourth National Bank expected it to be paid from the trust fund. It had been informed by Dunliain tliat-it would be paid if sent to the bank. VVas it Dunham as trustee, or indorser, or president of the bank, who made this promise? Inasmuch as there was nothing to indicate that, as trustee, he had money to pay it, but, on the contrary, it quite clearly appears that he had not, it will not be unfair to assume that the direction was given as indorser, and that he arranged with his bank to pay the note and carry it for him. It cannot now shelter itself behind the claim that it relied on his promise as trustee, and carried the note as a cash item against the trustee. So far as this notshow more

Product details

  • Paperback | 288 pages
  • 189 x 246 x 15mm | 517g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236901126
  • 9781236901125