First National Bank v. Gregg & Co.
Supreme Court of Pennsylvania
Error to the Court of Common Pleas of Qlarion county: Of October and November Term 1875, No. 217. This was an action of assumpsit brought March 2d 1875, by John Gregg and John Richardson, trading as D. Gregg & Co., against the First National Bank of Clarion County.
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Error to the Court of Common Pleas of Qlarion county: Of October and November Term 1875, No. 217. This was an action of assumpsit brought March 2d 1875, by John Gregg and John Richardson, trading as D. Gregg & Co., against the First National Bank of Clarion County. The plaintiffs’ affidavit of claim was as follows :— “For money received by defendant from C. B. Weber on or about September 25th 1873, on a note payable to plaintiffs, and by them endorsed and sent through James T. Brady & Co., then bankers in Pittsburg, to the First National Bank of Clarion, for collection and for no other…
1Opinion of the CourtJustice Williams
Brady & Co. did not become the owners of the note by the plaintiff’s endorsement and delivery of it to them for collection, and they had no right to pledge it, or direct its proceeds to be placed to their credit in payment of their indebtedness to the bank, is true that they were the apparent owners of the note, and, in the absence of notice of the plaintiffs’ title, the bank had the right to treat them as the real owners. If it had made advances or given new credits to Brady & Co. on the faith of the note, it would ^undoubtedly be entitled to retain the amount out of the proceeds. But just…
2Cited by17 opinions
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- Lightfoot v. BunnelSuperior Court of Pennsylvania · 1921
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