City of Douglas v. Federal Reserve Bank of Dallas

The County of Cochise, Arizona, on December 22, 1920, drew its check on the Central Bank of Willcox, Arizona, in favor of plaintiff in error, hereafter called plaintiff. Plaintiff delivered the check indorsed in blank to the First National Bank of Douglas, Arizona, and that bank credited plaintiff’s account and' passbook with the amount of the check. The passbook had printed upon its face, “All out of town items credited subject to final payment.” The Douglas Bank indorsed the check, “ Pay to the order of the El Paso Branch, Federal Reserve Bank of Dallas,” which will be referred to as…