Studley v. Boylston National Bank
Supreme Court of the United States
APPEAL FROM THE CIRCUIT COURT OF APPEALS FOR THE FIRST CIRCUIT. The facts, which involve the right of a bank to accept in good faith payments from an insolvent, are stated'in the opinion.
1Opinion of the CourtJustice Lamar
The Collver Tours Company was engaged in the business of conducting touring parties around the world, charging a lump sum for the tickets, which were paid for in advance. It had expended about $40,000 in advertising, which it carried on its books as an asset, and since the character of its business did not involve the possession of tangible property, it had nothing except cash on hand, good-will and its earning capacity as a means of paying debts.
In 1907 the company opened an account with the Boylston National Bank, with which it subsequently did all of its banking business of depositing,…
2Cases cited1 opinion
- New York County National Bank v. MasseySupreme Court of the United States · 1904
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- Lowden v. Northwestern National Bank & Trust Co.Supreme Court of the United States · 1936
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