Citizens Bank v. Timmons

1. Generally the cashier of a bank, as such, has no authority to compromise or discharge debts due his bank without payment, or by accepting other securities, and authority from the bank must be shown expressly or by necessary implication, or by usage or practice, or mode of doing business of that particular bank, or it must be shown to have been acquiesced in or in some other way ratified by the bank, to be of binding effect. See 3 Ruling Case Law, 449.

2. Declarations of an agent as to the business transacted by him are not admissible against his principal, “unless they were a part of the…