Stone & Webster Engineering Corp. v. Hamilton Nat. Bank, for Use and Benefit of Employers' Liability Assur. Corp., Limited

(dissenting),

In my opinion ^ case presents a lain question o£ the law of negotiable instruments_

The rightS of the Pf^V* thf St0^en currency are governed by federal rather , , J^ ; , „ _ than by local law. Clearfield Trust Co. v. 318 U.S. 363, 366, 63 S.Ct 573, 87 L.Ed. 838; National Metropolitan Bank v. United States 323 U.S. 454, 456, 65 S.Ct. 354, 89 L.Ed. 383. The term “negotiabie» jts commercial sense is applied to paper wbicL passes in the business world from band to hand by endorsement and delivery, or by mere delivery, and which in the hands 0f a holder in due course is unaffected by…