Messenger v. Carroll Trust & Savings Bank
Supreme Court of Iowa
Appeal from Carroll District Cowt. — E. G. Albert, Judge. The Carroll Trust & Savings Bank at Carroll went into the hands of a receiver as an insolvent on April 25, 1919. Thereafter, the Moline Plow Company presented a preferred claim, and asked that it be established as such. The receiver admitted the liability as for a debt, but denied the claimant’s right of preference.
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Appeal from Carroll District Cowt. — E. G. Albert, Judge. The Carroll Trust & Savings Bank at Carroll went into the hands of a receiver as an insolvent on April 25, 1919. Thereafter, the Moline Plow Company presented a preferred claim, and asked that it be established as such. The receiver admitted the liability as for a debt, but denied the claimant’s right of preference. The cause was tried upon a stipulation of facts, and an order entered, establishing the preferred claim. The receiver appeals. —
1Opinion of the CourtEvans, J.
i banks and solvent ferred claim. — I. The Moline Plow Company is a manufacturing concern, resident in Illinois. Prior to April 3, 1919, it was not a depositor or creditor of the defunct bank. On April 3d, it drew its sight draft upon the Swaney . Automobile Company, of Carroll, Iowa, and sent the same, with a bill of lading attached, to the Carroll Trust & Savings Bank, with directions to collect and remit. The amount was for $1,411.98. The letter transmitting the sight draft contained the following:
“Please surrender bill of lading only upon payment of the draft and of exchange and…
2Cases cited9 opinions
- The People v. . the City Bank of RochesterNew York Court of Appeals · 1884
- Brown v. Sheldon State BankSupreme Court of Iowa · 1908
- Capital National Bank v. Coldwater National BankNebraska Supreme Court · 1896
- Page County v. RoseSupreme Court of Iowa · 1906
- Kansas State Bank v. First State BankSupreme Court of Kansas · 1901
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