Fidelity Title & Trust Co. v. First National Bank

Opinion by

Mr. Justice Simpson,

At the instance of E. C. McFeaters (who falsely represented he was acting for defendant in this regard), Moore, Leonard & Lynch, purchased $5,000 par value of unregistered coupon bonds, and handed them to plaintiff, as collecting agent, to be forwarded to defendant, with a sight draft as follows:

“Moore, Leonard & Lynch, Bankers & Brokers, Pittsburgh, Pa., May 24,1922.

At sight...............................with exchange pay to the order of Fidelity Title & Trust Co...........

Five thousand twenty-seven and 78-100........dollars $5,000 Lib. 4-4 1/4’s attached

First…