First National Bank of Pierre v. Smith
South Dakota Supreme Court
Appeal from circuit court, Edmunds county. Hon. Loring E. Gappy, Judge. Action on promissory note. Judgment for plaintiff. Defendants appeal. The facts are stated in the opinion. A national bank cannot become the owner of commercial paper by purchase.
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Appeal from circuit court, Edmunds county. Hon. Loring E. Gappy, Judge. Action on promissory note. Judgment for plaintiff. Defendants appeal. The facts are stated in the opinion. A national bank cannot become the owner of commercial paper by purchase. Farmers v. Baldwin, 23 Minn. 198; First v. Pierson, 24 Id. 140; Lazear v. Bank, 52 Md. 78; Wechler v. Bank, 42 Md. 591. The mere discounting of paper and placing the amount thereof to the credit of a depositor, who already has a large balance to his credit, does not make the bank a purchaser for value. Mann v. Second, 1 Pac. 579; Bank v.…
1Opinion of the CourtKellam, J.
This was an action by respondent against appellants upon a negotiable promissory note made by them to DeLaney Bros. The note was dated September 17, 1892, and became due November 17, 1893. On the 22d day of September, 1892, the payees indorsed the note, “without recourse” to the respondent bank. The appellants answered both a general denial and an affirmative defense, based upon a breach of warranty of the property for which the note was given. At the close of the evidence, the court directed a verdict. for the respondent, and this appeal is from a judgment entered upon such verdict.
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2Cases cited7 opinions
- National Bank v. MatthewsSupreme Court of the United States · 1879
- National Bank v. WhitneySupreme Court of the United States · 1881
- Lazear v. National Union BankCourt of Appeals of Maryland · 1880
- Prescott National Bank v. ButlerMassachusetts Supreme Judicial Court · 1893
- Farmers & Mechanics' Bank v. BaldwinSupreme Court of Minnesota · 1876
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3Cited by3 opinions
- Security State Bank of Wishek v. StateNorth Dakota Supreme Court · 1970
- Anderson v. First Nat'l BankNorth Dakota Supreme Court · 1896
- Reeder Special School District No. 3 v. MollandNorth Dakota Supreme Court · 1937