State Nat. Bank of S.A. v. East Coast Oil Co.

delivered the following dissenting opinion:

That, for all purposes, and although never actually presented for payment,, a draft drawn payable “at sight” and put into circulation becomes due and payable at expiration of three days of grace thereafter; and, consequently, in all instances, any subsequent purchaser of such draft, no matter how he may acquire it,, takes it after maturity, and, therefore, subject to all equities existing between the original parties, is, in legal effect, the decision of this court in refusing, in this case, the bank’s application for a writ of error, and in…