Andrew v. State Bank of Dexter

This action is in equity, and the facts are stipulated to be: That, on the 24th day of January, 1924, the Valley National Bank, appellant, forwarded to the State Bank of Dexter a bill of lading for a carload of feed, shipped by rail to J. E. Hammond at that town. Accompanying and attached to said bill was a sight draft for $828, drawn on said Hammond. With these documents was a memorandum of instructions, which directed the Dexter bank to deliver said bill of lading only upon payment of said sight draft. Accordingly, on the 26th day of January, the said sight draft was presented, and, in…