Bank of New York v. Farmers' Branch of the State Bank of Ohio
New York Supreme Court
THIS action was brought by the plaintiff, claiming to be the holder of a bill of exchange, against the defendant, as indorser.
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THIS action was brought by the plaintiff, claiming to be the holder of a bill of exchange, against the defendant, as indorser. The answer denied that the defendant made any contract of indorsement upon the bill, but admitted that “the defendant’s cashier, P. S. Campbell, for the sole purpose of facilitating its collection, wrote on the back thereof as follows: 'Pay E. Ludlow, Cas. or order; P. S. Campbell, Cas.’ and transmitted the same to the defendant’s agent, the Ohio Life Insurance and Trust Company at the city of Hew York, for collection only, and remittance of the proceeds thereof to…
1Opinion of the Court
By the Court,
Clebke, P. J.
Assuming that the plaintiffs are bona fide holders of the bill in question, are they entitled to recover ? The solution of this question depends upon the effect of the indorsement made by the defendant’s cashier. The name of the defendant’s corporation does not appear any where on the paper. The bill was indorsed “Pay E. Ludlow, Cas. or order,” signed “P. S. Campbell, Cas.” It is not disputed that Campbell was the cashier of the defendant, and that he was authorized to indorse, for the purpose of transmitting to other banks for collection, bills and notes deposited…
2Cases cited1 opinion
- Farmers & Mechanics' Bank v. Butchers & Drovers' BankNew York Court of Appeals · 1857
3Cited by1 opinion
- Robb v. Ross County BankNew York Supreme Court · 1864