Murchison National Bank v. Dunn Oil Mills Co.
Supreme Court of North Carolina
ActioN to recover the amount of a draft, tried before Lyon, J., and a jury, at December Term, 1908, of New HanoveR. There was evidence tending to show that, on 4 February, 190'4, defendant company drew a draft in words and figures as follows: “$286. Dunn, N. C., 4 February, 1904. Dunn Oil Mills Company. Three days sight, pay to the order of Merchants and Farmers Bank, Dunn, N. C., two hundred and eighty-six and 00-100 dollars.
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ActioN to recover the amount of a draft, tried before Lyon, J., and a jury, at December Term, 1908, of New HanoveR. There was evidence tending to show that, on 4 February, 190'4, defendant company drew a draft in words and figures as follows: “$286. Dunn, N. C., 4 February, 1904. Dunn Oil Mills Company. Three days sight, pay to the order of Merchants and Farmers Bank, Dunn, N. C., two hundred and eighty-six and 00-100 dollars. Invoice No. 1072. January 13, 1904. Yalue received, and charge the same to account of Dunn Oil Mills Company, McD. Holliday, Treasurer. To C. R. Adams & Co., Four Oaks,…
1Opinion of the Court
Hoke, J.,
after stating the case: Where a draft or bill is transferred to a bank by restrictive endorsement, as “for deposit” or “for collection,” the instrument is taken and held by the bank as agent for the.endorser, and for the purpose indicated, and. subject to the right of the endorser to arrest payment or divert the proceeds in the hands of any intermediate or subagent who has taken'the paper for like purpose and affected by the restriction. Boykin v. Bank, 118 N. C., 566; Bank v. Hubble, 117 N. Y., 384; Balback v. Frelinghyser, 15 Fed., 675; Tyson & Rawles v. Bank, 77 Md., 412. And the…
2Cases cited9 opinions
- National Butchers & Drovers' Bank v. HubbellNew York Court of Appeals · 1889
- Wilmingiton & Weldon Railroad v. KitchinSupreme Court of North Carolina · 1884
- Tyson v. Western National BankCourt of Appeals of Maryland · 1893
- Armour Packing Co. v. DavisSupreme Court of North Carolina · 1896
- Balbach v. FrelinghuysenDistrict Court, D. New Jersey · 1883
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