Walker v. . the Bank of the State of New-York
New York Court of Appeals
In 1851, the Bank of Utica transmitted to the defendant, the Bank of the State of New-York, for collection, a bill of exchange for $5000, drawn by the Empire Mills, a manufacturing corporation, addressed to E. C. Hamilton, Esq., New-York, and payable to the order of Frederick Hollister, four months after date. The bill was endorsed by Hollister,- the payee, and by two others, and discounted by the Bank of Utica for the benefit of the drawers.
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In 1851, the Bank of Utica transmitted to the defendant, the Bank of the State of New-York, for collection, a bill of exchange for $5000, drawn by the Empire Mills, a manufacturing corporation, addressed to E. C. Hamilton, Esq., New-York, and payable to the order of Frederick Hollister, four months after date. The bill was endorsed by Hollister,- the payee, and by two others, and discounted by the Bank of Utica for the benefit of the drawers. At the time it was forwarded to the defendant, it had several months to run. The defendant caused it to be presented to the drawef, Hamilton, for…
1Opinion of the Court
The following general principles applicable to this case are settled by repeated decision, viz., that where a bill of exchange, payable at a future time, is presented for acceptance, and acceptance is refused, notice must be immediately given to the drawer and endorsers, or they are discharged; that if due notice of non-acceptance is given, the holder may immediately proceed against the drawer and endorsers, without waiting for the maturity of the bill; that any agent, whether it be a bank or an individual, receiving a note or bill from the holder for collection, is responsible for any loss…
2Cases cited1 opinion
- White v. SkinnerNew York Supreme Court · 1816
3Cited by12 opinions
- Hibernia National Bank v. . LacombeNew York Court of Appeals · 1881
- Hall v. . LauderdaleNew York Court of Appeals · 1871
- Newman v. SylvesterIndiana Supreme Court · 1873
- De Persia v. Merchants Mutual Casualty Co.Appellate Division of the Supreme Court of the State of New York · 1944
- Western Cement Co. v. JonesMissouri Court of Appeals · 1880
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