In re State Bank
Supreme Court of Minnesota
Appeal by George H. Fletcher, assignee of the State Bank of Minneapolis, from an order of the District Court of Hennepin County, Seagrave Smith, J., made July lé, 1893, directing him to deliver to Osborne & Clark two drafts in his possession as such assignee. Charles F. Osborne and David F. Clark were partners in business, dealing in lumber at Minneapolis and kept a bank account with the State Bank of that city.
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Appeal by George H. Fletcher, assignee of the State Bank of Minneapolis, from an order of the District Court of Hennepin County, Seagrave Smith, J., made July lé, 1893, directing him to deliver to Osborne & Clark two drafts in his possession as such assignee. Charles F. Osborne and David F. Clark were partners in business, dealing in lumber at Minneapolis and kept a bank account with the State Bank of that city. When they commenced doing business with the bank, the Cashier, K. Kortgaard, furnished them with a pass book. On the first page these words were printed, viz: “This Bank in receiving…
1Opinion of the CourtMitchell, J.
The petitioners, having drawn in their own favor two drafts on third parties, payable in sixty days, indorsed them by unrestricted indorsements, and delivered them to the State Bank, of which they were customers, and with which they had an open and current bank account. The bank credited the amount of the drafts (less the interest at eight per cent, per annum until maturity) to the credit of petitioners’ account, against which they -were entitled to draw by check; but, as a matter of fact, they never did draw against it, they having a balance to their credit, when the bank failed, much larger…
2Cases cited1 opinion
- Levi v. National Bank of MissouriU.S. Circuit Court for the District of Eastern Missouri · 1878
3Cited by40 opinions
- Worth Co. v. International Sugar Feed No. 2 Co.Supreme Court of North Carolina · 1916
- Security Nat. Bank of Sioux City v. Old Nat. Bank of Battle CreekCourt of Appeals for the Eighth Circuit · 1917
- Vickers v. Machinery Warehouse & Sales Co.Washington Supreme Court · 1920
- Acme Hay & Mill Feed Co. v. Metropolitan National BankSupreme Court of Iowa · 1924
- Security Bank v. Northwestern Fuel Co.Supreme Court of Minnesota · 1894
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