Decatur Bank v. St. Louis Bank
Supreme Court of the United States
Error to the Circuit Court for the Southern District of Illinois. In the autumn and winter of 1869, P. E. Frederick — who, according to his own account, was at that time “ engaged in buying and shipping stock in St. Louis” — intending to purchase cattle there and ship them to a business connection of his in Chicago, named J. S. Talmadge, who was to receive and sell them, and honor Frederick’s drafts given in payment for the same — applied to the First National Bank of…
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Error to the Circuit Court for the Southern District of Illinois. In the autumn and winter of 1869, P. E. Frederick — who, according to his own account, was at that time “ engaged in buying and shipping stock in St. Louis” — intending to purchase cattle there and ship them to a business connection of his in Chicago, named J. S. Talmadge, who was to receive and sell them, and honor Frederick’s drafts given in payment for the same — applied to the First National Bank of Decatur, Illinois, for a letter of credit on some bank in St. Louis. The bank at Decatur accordingly gave him a letter on its…
1Opinion of the CourtJustice Davis
The basis of this suit is the letter of credit of 13th September, 1869. The subsequent correspondence, on any rational interpretation of it, did not have the effect to change the terms of this the original letter, nor was it intended to do so except in two particulars, which are not the subject of controversy.
The defence now made, technical though it be, is sufficient to defeat the action if the condition of the guarantee was not observed, and this fact renders necessary a construction of the instrument.
Like all other contracts it must receive the construction which is most probable and…
2Cited by27 opinions
- Ash Sheep Co. v. United StatesSupreme Court of the United States · 1920
- West v. CamdenSupreme Court of the United States · 1890
- Border Nat. Bank v. American Nat. BankCourt of Appeals for the Fifth Circuit · 1922
- Tevis v. RyanArizona Supreme Court · 1910
- Cook v. FoleyCourt of Appeals for the Eighth Circuit · 1907
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