In re Stafford
New York Supreme Court
On the 20th of-'March, 1851, an order was made appointing Gilbert L. Wilson, Esq., a referee in this matter, with directions to inquire and report in relation to certain matters, and, among other things, to take and pass the accounts of Albert D. Robinson, as master and receiver of the estate of the late James Gibbons, deceased, the husband, in his lifetime, of Esther Gibbons.
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On the 20th of-'March, 1851, an order was made appointing Gilbert L. Wilson, Esq., a referee in this matter, with directions to inquire and report in relation to certain matters, and, among other things, to take and pass the accounts of Albert D. Robinson, as master and receiver of the estate of the late James Gibbons, deceased, the husband, in his lifetime, of Esther Gibbons. In pursuance of this order the referee reported, on the 11th of August, 1851, that he had stated the accounts mentioned in the order, and that the balance remaining in the hands of the master and receiver, was $320,86.…
1Opinion of the CourtHarris, J.
When a bank receives from its customer his money, and passes the same to his credit, it is called a deposit, . but, in legal effect, it is a loan. The bank credits the amount to the depositor, as a debt which it owes him. Nothing short of payment will absolve the bank from the obligation it assumes. (Commercial Bank of Albany v. Hughes, 117 Wend. 94.) Robinson, therefore, must be regarded as having loaned the money in question to the bank. If He had made the deposit to the credit of the estate, then probably, the loss sustained through the insolvency of the bank, would have fallen upon the…
2Cases cited1 opinion
- Utica Insurance v. LynchNew York Court of Chancery · 1845
3Cited by8 opinions
- Coffin v. BramlittMississippi Supreme Court · 1868
- De Jarnette v. De JarnetteSupreme Court of Alabama · 1868
- In re the Judicial Settlement of the Account of the Proceedings of Union Trust Co.New York Surrogate's Court · 1914
- Moore v. MitchellU.S. Circuit Court for the District of Southern Alabama · 1874
- Hatch v. StewartNew York Supreme Court · 1886
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