Trent Tile Co. v. Fort Dearborn National Bank
Supreme Court of New Jersey
On error to Mercer Circuit. ' Riley drew a bill of exchange on the Trent Tile Company, the- plaintiff in error, for $850, dated at Chicago November 7th, 1888, payable to the order of the defendant in error. The defendant in error forwarded the bill to the Mechanics National Bank of Trenton for presentation and collection.
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On error to Mercer Circuit. ' Riley drew a bill of exchange on the Trent Tile Company, the- plaintiff in error, for $850, dated at Chicago November 7th, 1888, payable to the order of the defendant in error. The defendant in error forwarded the bill to the Mechanics National Bank of Trenton for presentation and collection. The bank presented the- bill to the drawee on the 12th of November, and its acceptance, payable at the Mechanics bank, was endorsed on the bill by drawee’s- treasurer, and by him redelivered to -the bank. Thereafter, and on the same day, the treasurer of the tile company…
1Opinion of the Court
*34The opinion of the court was delivered by
Knapp, J.
The main question raised and discussed in this case is whether the drawee of a bill of exchange can, after an endorsement of acceptance and redelivery of the acceptance to the agent of the holder, on discovering the insolvency of the drawer, revoke such acceptance, the drawee having no funds of the drawer in his hands.
The general rule is that an acceptance 'delivered to the holder is irrevocable. And this is so, whether the acceptance is on account of funds of the drawer of the bill, in the hands of the acceptor, or for the accommodation of…
2Cited by4 opinions
- Hamburger Bros. & Co. v. Third National Bank & Trust Co.Supreme Court of Pennsylvania · 1939
- Ryer v. TurkelSupreme Court of New Jersey · 1908
- Hamburger Bros. v. Third National Bank & Trust Co.Superior Court of Pennsylvania · 1938
- Trent Tile Co. v. Fort Dearborn Nationak BankSupreme Court of New Jersey · 1892