Winter v. Ludlow
United States Circuit Court
EQUITY. 1. A., residing and doing business in California, remitted gold and bills to B., residing in Philadelphia, through the instrumentality of C, residing in New York. B. gave to A. a general letter of credit authorizing the drawing of drafts upon him. Drafts were accordingly drawn and accepted by B. to an amount larger than the remittances.
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EQUITY. 1. A., residing and doing business in California, remitted gold and bills to B., residing in Philadelphia, through the instrumentality of C, residing in New York. B. gave to A. a general letter of credit authorizing the drawing of drafts upon him. Drafts were accordingly drawn and accepted by B. to an amount larger than the remittances. B. became insolvent and, after-wards, A. B. then made an unsealed and informal assignment to D., appropriating future remittances, first, to secure any balance due him, and his outstanding acceptances of A.’s drafts, and, secondly, of A.’s drafts upon…
1Opinion of the Court
11th July, 1859.
Cadwalader, J.
Ludlow & Co., of Philadelphia, gave to S. Beebee Ludlow, of San Francisco, a letter of credit, authorizing him to draw upon them to an unlimited amount. He drew from time to time, under this authority, selling his drafts upon them at San Francisco, and investing the proceeds in bullion, and in bills of *7other drawers in California upon other drawees on the Atlantic side of the continent. He remitted by mail to Ludlow & Co. these bills of exchange endorsed by himself to their order. He shipped the bullion deliverable at New York to Beebee & Co., his receiving and…
2Cases cited54 opinions
- Toland v. SpragueSupreme Court of the United States · 1838
- Hopkins v. LeeSupreme Court of the United States · 1821
- Mallow v. HindeSupreme Court of the United States · 1827
- Story v. LivingstonSupreme Court of the United States · 1839
- Mandeville v. WelchSupreme Court of the United States · 1820
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