Werner Piano Co. v. Henderson & Reese
Supreme Court of Arkansas
Appeal from Pike Circuit Court; Jefferson T. Cowling, Judge; STATEMENT BY THE COURT. This suit was instituted ¡by the .appellant against the appellees in the justice court on .six promissory notes.
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Appeal from Pike Circuit Court; Jefferson T. Cowling, Judge; STATEMENT BY THE COURT. This suit was instituted ¡by the .appellant against the appellees in the justice court on .six promissory notes. Five of the notes were for $70 each 'and the other for $50. The notes were dated June 30, 1913, and were in form as follows: “For value received, we promise to pay to the order of Bernard Manufacturing Company, seventy dollars at Iowa City, Iowa, payable as below, five months afterdate. (Signed) Henderson & Reese.” And each note was endorsed: “Pay to the order of the First National Bank, Iowa City,…
1Opinion of the Court
Wood, J.,
(after stating the facts). (1) Section 36 of the law of negotiable instruments, act 81 of the Acts of 1913, page 280, provides: “An endorsement is restrictive which either, * * (2) constitutes the endorsee the agent of the endorser; or (3) vests the title in the endorsee in trust for or to the use of some other person.” Under this statute the endorsement on the notes in suit was a restrictive endorsement. If was a specific direction to pay to the order of the First National Bank ‘for the credit’ or ‘on account of’ the appellant, 'and thus was a limitation upon the power of the…
2Cited by1 opinion
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