First National Bank v. Universal C.I.T. Credit Corp.

Appellee was the payee named in two checks given it by an automobile dealer. Said checks were drawn on appellant bank. On February 5, 1954, appellee endorsed each of said checks “for deposit only” and deposited them in its depository, Merchants National Bank, Muncie, Indiana. The latter named bank forwarded said checks by mail to The Indiana National Bank, of Indianapolis, Indiana, and the latter received the same February 6, 1954.

On the same day, February 6, 1954, said Indiana National Bank forwarded said checks to appellant by mail, together with other items in a cash letter requesting…