Shute v. Pacific National Bank
Massachusetts Supreme Judicial Court
Contbact upon three certificates of deposit, one of which was as follows: “The Pacific National Bank of Boston, Mass. $1000. Boston, May 18, 1881. This certifies that Wm. H. Nichols has deposited in this bank one thousand dollars, payable to the order of himself on return of this certificate properly indorsed. J. M. Pettingill, cashier. No. 1807. [Indorsed] Wm. H. Nichols.”
Read the full summary
Contbact upon three certificates of deposit, one of which was as follows: “The Pacific National Bank of Boston, Mass. $1000. Boston, May 18, 1881. This certifies that Wm. H. Nichols has deposited in this bank one thousand dollars, payable to the order of himself on return of this certificate properly indorsed. J. M. Pettingill, cashier. No. 1807. [Indorsed] Wm. H. Nichols.” The other two certificates were similar in form, except that one was dated August 13, 1881. At the trial in the Superior Court, before Pitman, J., the action was defended by the receiver of the defendant bank, appointed…
1Opinion of the CourtColburn, J.
The certificates of deposit upon which this action is brought, though having in most respects the incidents of promissory notes, and classed as such, differ from common promissory notes in important particulars. Such a certificate is not merely a promise to pay a certain sum, but it declares that a certain fund has been deposited, which is payable to the depositor, or his order, on the return of the certificate properly indorsed.
A promissory note, payable on demand, is due as soon as it is given; an action may be brought upon it immediately, without demand; and the statute of limitations…
2Cases cited4 opinions
- Merchants' Bank v. State BankSupreme Court of the United States · 1871
- Field v. NickersonMassachusetts Supreme Judicial Court · 1816
- Munger v. . Albany City National BankNew York Court of Appeals · 1881
- Bellows Falls Bank v. Rutland County BankSupreme Court of Vermont · 1867
3Cited by9 opinions
- Goldband v. Commissioner of BanksMassachusetts Supreme Judicial Court · 1923
- Mereness v. First National BankSupreme Court of Iowa · 1900
- HuntMassachusetts Supreme Judicial Court · 1886
- Pierce v. State National BankMassachusetts Supreme Judicial Court · 1913
- National Surety Co. v. Commissioner of BanksMassachusetts Supreme Judicial Court · 1922
4 more not listed; retrieve them via the Exa API.