Freeman's National Bank v. National Tube Works Co.
Massachusetts Supreme Judicial Court
Contract, upon two drafts, for $20,000 and $9,900 respectively, and for $7,000 with interest, as money paid to the defendant’s use. The first draft, which differed from the second only in amount, was as follows : “20,000. McKeesport, Pa., May 17, 1884. “ At sight, for value received, pay to the order of A. Chaudon twenty thousand dollars, and charge this office as per margin. “National Tube Works Co., by E. C. Converse, Asst. Mgr., for President. “To Wm.
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Contract, upon two drafts, for $20,000 and $9,900 respectively, and for $7,000 with interest, as money paid to the defendant’s use. The first draft, which differed from the second only in amount, was as follows : “20,000. McKeesport, Pa., May 17, 1884. “ At sight, for value received, pay to the order of A. Chaudon twenty thousand dollars, and charge this office as per margin. “National Tube Works Co., by E. C. Converse, Asst. Mgr., for President. “To Wm. S. Eaton, Treas., 8 Pemberton Square, Boston, Mass.” Across the face of each draft was the following: “ May 19-84. Accepted, E. R. Hall,…
1Opinion of the CourtKnowlton, J.
The indorsement from the defendant to the People’s Bank, although in terms unrestricted, was without consideration, and merely for the purpose of collection. The People’s Bank became the agent of the defendant, and the defendant, as owner of the drafts, can avail itself of all that its agent did for its protection.
The subsequent indorsements through which the drafts came' to the plaintiff were, both restrictive, giving notice that the' ownership had not passed beyond the People’s Bank. They-purported to be made only for the purpose of collection on-account of the owner, and they merely passed…
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