Williams v. Tishomingo Savings Institution
Mississippi Supreme Court
Appeal from the Circuit Court of Alcorn County. Hon. J. A. Green, Judge. The payment of the bill of exchange by the drawee was a complete discharge of the indorsers, whose contract was only to pay if the drawee did not; and the loss must fall on the drawee, unless the money can be collected from the .forger.
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Appeal from the Circuit Court of Alcorn County. Hon. J. A. Green, Judge. The payment of the bill of exchange by the drawee was a complete discharge of the indorsers, whose contract was only to pay if the drawee did not; and the loss must fall on the drawee, unless the money can be collected from the .forger. Oahey v. Wilcox, 3 How. 330; Lapiece v. Hughes, 24 Miss. 69; Baskerville v. Harris, 41 Miss. 635. An indorsement is a contract by the indorser, and every subsequent holder, that the instrument and the antecedent signatures thereon are genuine, and that the indorser has a good title to the…
1Opinion of the CourtGeorge, C. J.
The appellants, having indorsed to the appellee a bill of exchange, to which they claimed title through a forged in-dorsement, now insist that they incurred ño responsibility by their indorsement, except a guaranty that the drawee would pay it on presentation. But the rule is well settled that an indorser warrants the genuineness of the prior indorsements on the bill, and also his title to the paper. Should it be ascertained, even after payment of the bill, that any of the indorsements are forged, the drawee can recover back the amount of the bill from the person to whom he paid it; and so…
2Cited by11 opinions
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- Magid v. Drexel National BankAppellate Court of Illinois · 1947
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