Kirstein Leather Co. v. Deitrick

(after, stating the facts as above).

*795In the District Court it was held that the Salem Trust Company was a purchaser for value of the $2,000 check, notwithstanding it had stated in the passbook delivered by it to the plaintiff on receipt of the check that in receiving it “this bank acts only as depositor’s collecting agent”; that “all items are credited subject to final payment in cash or Solvent Credits”; and that “it may charge back any item at any time before final payment, whether returned or not”; and notwithstanding the Trust Company also stated on the slip upon which it received the…