Thomas v. First National Bank
Illinois Supreme Court
Appear from the Appellate Court for the Fourth District ;—heard in that court on appeal from the Circuit Court of St. Clair county; the Hon. B. R. Burroughs, Judge, presiding. This is an appeal from the Appellate Court for the Fourth District to reverse a judgment in that court in favor of appellee, against appellant, in an action of assumpsit upon a certificate of deposit issued by the defendant to one J. F. Wassell and endorsed by him to plaintiff.
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Appear from the Appellate Court for the Fourth District ;—heard in that court on appeal from the Circuit Court of St. Clair county; the Hon. B. R. Burroughs, Judge, presiding. This is an appeal from the Appellate Court for the Fourth District to reverse a judgment in that court in favor of appellee, against appellant, in an action of assumpsit upon a certificate of deposit issued by the defendant to one J. F. Wassell and endorsed by him to plaintiff. The evidence shows that the firm of E. J. Arnold & Co. had their principal office in St. Louis, Mo., where from September, 1902, until February,…
1Opinion of the CourtJustice Wilkin
It is contended by counsel on behalf of appellant that the certificate of deposit sued on, when endorsed by the original payee, became, in effect, a promissory note, and upon being presented to the bank for payment by the holder, properly endorsed, it was the duty of the bank to immediately pay the same. This, it is said, is so because the title to the certificate was absolutely vested in and became the property of the assignee at the time of its endorsement, and that the only defense which the bank could make to this suit was such as would go to the ownership of the instrument, affecting the…
2Cases cited2 opinions
- Pope v. HankeIllinois Supreme Court · 1894
- Chapin v. DakeIllinois Supreme Court · 1870
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- Nielsen v. Planters Trust & Savings BankSupreme Court of Louisiana · 1935
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