S. Brody Trading Corp. v. Manufacturers Trust Co.

The plaintiff was a depositor of the defendant Manufacturers Trust Company and made two checks payable to the Camden Burlap Co., Inc., for $615.91 and $1,000, respectively. Said checks were indorsed in the name of the payee by one Meyer Mackler, its treasurer. It is conceded that Meyer Mackler was authorized by the corporation (the payee) to indorse checks as its treasurer and to deposit them in the Camden Safe Deposit and Trust Company, which he failed to do. Mackler was also general manager of the Camden Burlap Co., Inc., and it appears that Mr. S. Brody, the president of the plaintiff, was…