Merchants' National Bank v. Lovitt
Supreme Court of Missouri
Avpetil from Jackson Circuit Court.—Hon. John W. Henry, Judge. (1) The sole question in this case is whether Dickinson’s knowledge of the contemporaneous contract, showing for what the note was given, can be imputed to the bank. (2) Dickinson acted for the bank when he fixed the rate of discount (a material matter) and attended to the necessary preliminaries. When so acting his knowledge was that of the bank.
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Avpetil from Jackson Circuit Court.—Hon. John W. Henry, Judge. (1) The sole question in this case is whether Dickinson’s knowledge of the contemporaneous contract, showing for what the note was given, can be imputed to the bank. (2) Dickinson acted for the bank when he fixed the rate of discount (a material matter) and attended to the necessary preliminaries. When so acting his knowledge was that of the bank. He had a right to act for the bank by virtue of his office;. but it appears that the business of arranging the matter of discount, etc., was left to him by the president. There can be no…
1Opinion of the CourtBlack, P. J.
This is an action on a negotiable promissory note for $2,900, executed by the defendant Lovitt and payable to O. P. Dickinson in four months after date, with interest from date at the rate of eight per cent, per annum, and by Dickinson indorsed and delivered to the plaintiff bank. The defense set up by Lovitt, the maker of the note, is a failure of consideration.
The history of the transaction is this: On the twenty-seventh of January, 1888, Dickinson, the payee of the note in suit, by an agreement in writing sold to Lovitt fifty-five shares of stock in a corporation then about to be formed…
2Cases cited4 opinions
- Innerarity v. Merchants' National BankMassachusetts Supreme Judicial Court · 1885
- Frenkel v. HudsonSupreme Court of Alabama · 1886
- Wickersham v. Chicago Zinc Co.Supreme Court of Kansas · 1877
- Johnston v. ShortridgeSupreme Court of Missouri · 1887
3Cited by46 opinions
- Hickman v. GreenSupreme Court of Missouri · 1894
- Smoot v. JuddSupreme Court of Missouri · 1904
- Kean v. National City BankCourt of Appeals for the Sixth Circuit · 1923
- Bank of Overton v. ThompsonCourt of Appeals for the Eighth Circuit · 1902
- Dominion Trust Co. v. HildnerSupreme Court of Pennsylvania · 1914
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