Alexander T. Stephan, Inc. v. Bank of United States

Plaintiff seeks to recover the face amount of a draft drawn by Kazuno Shoten to the order of the Yokohama Specie Bank, Ltd., against a credit opened by E. Gerli &, Company, Inc., with the defendant. The draft was drawn on November 17, 1930, against fifteen bales of raw silk of the value of $5,111.75. The draft reached New York December 2, 1930. It was presented by the Yokohama bank and accepted by the defendant Bank of United States, hereinafter called the bank. On December 4, 1930, the Yokohama bank indorsed the draft and sold it to plaintiff Alexander T. Stephan, Inc. On December tenth…