Farmers' State Bank v. Couture
North Dakota Supreme Court
Appeal from district court, Rolette County, Honorable O. W. Butts, Judge. T. J. Clifford, as president of tbe defendant bank, was not authorized to bind the bank by an unrestricted indorsement. The officers of the bank had no authority to guarantee payment by unrestricted indorsement. 5 Cye. 467, 468, 470, 477; Asher v. Sutton (Kan.) 1 Pac. 635; Greenwalt v. Wilson (Kan.) 34 Pac. 403; Spongberg v. First Nat.
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Appeal from district court, Rolette County, Honorable O. W. Butts, Judge. T. J. Clifford, as president of tbe defendant bank, was not authorized to bind the bank by an unrestricted indorsement. The officers of the bank had no authority to guarantee payment by unrestricted indorsement. 5 Cye. 467, 468, 470, 477; Asher v. Sutton (Kan.) 1 Pac. 635; Greenwalt v. Wilson (Kan.) 34 Pac. 403; Spongberg v. First Nat. Bank (Idaho) 31 L.R.A.(N.S.) 736; Comp, laws 1913, § 6337. State banks are under the control of and subject to the regulations of the state banking board, and acts which are contrary to…
1Opinion of the CourtBirdzell, J.
This is an action by the Farmers’ State Bank of Hatfield, Minnesota, against the defendants on a promissory note which was given by the defendant Couture to the Bolette County Bank and by it rediscouted with the plaintiff bank. The note in question was executed on January 14, 1918, and called for the payment of $1,300 on December 1, 1918, with interest at 10 per cent. It was indorsed In blank by the Bolette County Bank, by T. J. Clifford, president, and in addition a separate guaranty of payment and repurchase agreement, signed by Clifford, as president, and M. Scott, as cashier, was entered…
2Cases cited9 opinions
- Merchants' Bank v. State BankSupreme Court of the United States · 1871
- Aldrich v. Chemical National BankSupreme Court of the United States · 1900
- Western National Bank v. ArmstrongSupreme Court of the United States · 1894
- Davenport v. StoneMichigan Supreme Court · 1895
- First National Bank v. State BankNorth Dakota Supreme Court · 1906
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