Canterbury v. Bank of Sparta
Wisconsin Supreme Court
Appeal from a judgment of the circuit court for Monroe county: A. W. NewmaN, Circuit Judge. On January 6, 1892, W. E. Coats & Co., of Sparta, were indebted to the plaintiff, James B. Canterbury, of La Crosse, in the sum of $2,250 or thereabouts.
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Appeal from a judgment of the circuit court for Monroe county: A. W. NewmaN, Circuit Judge. On January 6, 1892, W. E. Coats & Co., of Sparta, were indebted to the plaintiff, James B. Canterbury, of La Crosse, in the sum of $2,250 or thereabouts. On that day the plaintiff made bis draft, of which the following is a copy: “ La Crosse, Wis., Jan. 6,1892. Pay to the order of State Bank, $700.10 Seven Hundred and 70-100 Dollars, with exchange, value received, and charge to the account of James B. Canterbury. To W. E. Coats & Co., Sparta, Wis.” Thereupon the plaintiff discounted that draft at the…
1Opinion of the CourtCassoday, C. J.
It may be conceded that the vendor of negotiable paper has the right of stoppage im transitu to the same extent as the vendor of other species of personal property. Here the La Crosse bank discounted the plaintiff’s draft on W. E. Coats & Co., and forwarded the same to< the defendant for collection. The defendant was under no obligation to pay that draft,— especially as the account of W. E. Coats & Co. at the defendant bank was .then considerably overdrawn. Nevertheless, the defendant, on the request of the jnanaging agent of W. E. Coats & Co., whose authority is not questioned, made its own…
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