Nurse v. Satterlee
Supreme Court of Iowa
Appeal from Harrison District Qourt. — IIoN. C. IL Lewis, Judge. This action is based upon an agreed statement of facts. The subj ect-matter of the controversy is the proceeds of a certain draft or letter of credit which, the Exchange Bank of Dunlap collected for the plaintiff. After the collection the bank became insolvent, and made an assignment for the benefit of its creditors.
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Appeal from Harrison District Qourt. — IIoN. C. IL Lewis, Judge. This action is based upon an agreed statement of facts. The subj ect-matter of the controversy is the proceeds of a certain draft or letter of credit which, the Exchange Bank of Dunlap collected for the plaintiff. After the collection the bank became insolvent, and made an assignment for the benefit of its creditors. The-defendant Satterlee is the assignee, and the contention between the parties is, whether the plaintiff should recover the full amount of the collection, or merely the pro rata amount due to the common creditors…
1Opinion of the CourtRothrock, C. J.
Assignee nt for benefit of creditors: preferred claims filed with as-signee : waiver. I. The material facts as disclosed by the agreed statement are as follows : The plaintiff delivered the letter of credit to the bank on the thirty-first day of October, 1888, and the bank delivered to him. a receipt in these words:
“ October 31, 1888.
“Received from A. J. Nurse for collection letter of' credit for one hundred and seventy-nine pounds, nineteen shillings and seven pence, from London and Coventry Banking Company. Two hundred dollar®. advanced on same. L. A. SlIERMAN,
“Cashier.”
*493The plaintiff at…
2Cases cited2 opinions
- Independent District v. KingSupreme Court of Iowa · 1890
- Davenport Plow Co. v. LampSupreme Court of Iowa · 1890
3Cited by12 opinions
- Brown v. Sheldon State BankSupreme Court of Iowa · 1908
- Macy v. RoedenbeckCourt of Appeals for the Eighth Circuit · 1915
- Whitcomb v. CarpenterSupreme Court of Iowa · 1907
- Capital National Bank v. Coldwater National BankNebraska Supreme Court · 1896
- Bradley v. ChesebroughSupreme Court of Iowa · 1900
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