Commercial Bank of Clyde v. Marine Bank
New York Court of Appeals
Appeal from a judgment. The plaintiffs were owners of a draft payable in Milwaukee, which they indorsed, and sent through Lee & Co., bankers, of Buffalo, for collection. Lee & Co. indorsed it, and sent it to the defendants, a Milwaukee bank, who were their correspondents, and between whom and them commercial paper was constantly remitted and received for collection.
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Appeal from a judgment. The plaintiffs were owners of a draft payable in Milwaukee, which they indorsed, and sent through Lee & Co., bankers, of Buffalo, for collection. Lee & Co. indorsed it, and sent it to the defendants, a Milwaukee bank, who were their correspondents, and between whom and them commercial paper was constantly remitted and received for collection. On the failure of Lee & Co., the defendants claimed to hold the proceeds of this draft, for payment of balances due them on their account with Lee & Co. The court below sustained the defendants, and the plaintiffs appealed from…
1Opinion of the CourtParker, J.
The plaintiffs are a corporation doing business at Clyde, in this State, and the defendants are also a corporation doing business at Milwaukee, Wisconsin.
In April, 1857, Miller, Powell & Co. drew a draft on one Crocker, of Milwaukee, for $411.98, payable at sixty days, to the order of the plaintiffs, and delivered it for value to the plaintiffs. The plaintiffs indorsed and sent said draft to John R. Lee & Co., who were bankers at Buffalo, for collection, and on the 11th of April, Lee & Co. indorsed and sent it to the defendants for collection.
On the 14th of May, 1857, Lee & Co. failed, and…
2Cases cited2 opinions
- McBride v. . the Farmers' BankNew York Court of Appeals · 1863
- Scott v. . the Ocean Bank in the City of New YorkNew York Court of Appeals · 1861
3Cited by3 opinions
- Dickerson v. . WasonNew York Court of Appeals · 1872
- Blaine v. Bourne & Co.Supreme Court of Rhode Island · 1875
- Philbrick v. DallettThe Superior Court of New York City · 1872