Hoffman & Co. v. Bank of Milwaukee
Supreme Court of the United States
Error'to the Circuit Court for the District of Wisconsin; the case being thus: Chapin & Miles, a forwarding and commission- firm in Milwaukee, were engaged in moving produce to Hoffman & Co., of Philadelphia, for sale there.
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Error'to the Circuit Court for the District of Wisconsin; the case being thus: Chapin & Miles, a forwarding and commission- firm in Milwaukee, were engaged in moving produce to Hoffman & Co., of Philadelphia, for sale there. The course of their business was thus: They first shipped the produce, obtaining a bill of lading therefor, to which they attached a draft drawn by them on their consignee for about the value of the grain, and then negotiated the draft with bill of lading attached, to some bank in Milwaukee, and obtained the money. It was understood that the draft was drawn upon the…
1Opinion of the Court
Mr; Jhstice CLIFFORD
delivered the opinion of the court.
Acceptors of a bill of exchange, by the act of acceptance, admit the genuineness of the signatures of the drawers, and the competency of the drawers to assume that responsibility. Such an act imports an engagement, on the part of the acceptor, to the payee or other lawful holder of the bill, to pay the same, if duly presented, when it becomes due, according to the tenor of the acceptance. He engages t? pay the holder, whether payee or indorsee, the full'amount of the bill 'at maturity, and if he does not, the holder has a right of action…
2Cases cited4 opinions
- United States v. Bank of the MetropolisSupreme Court of the United States · 1841
- President of the Bank of the United States v. President of the Bank of GeorgiaSupreme Court of the United States · 1825
- Boyd v. McCannCourt of Appeals of Maryland · 1856
- Watson v. FlanaganTexas Supreme Court · 1855
3Cited by35 opinions
- Heuertematte v. . MorrisNew York Court of Appeals · 1885
- Goetz v. Bank of Kansas CitySupreme Court of the United States · 1887
- Border Nat. Bank v. American Nat. BankCourt of Appeals for the Fifth Circuit · 1922
- Mason v. A. E. Nelson Cotton Co.Supreme Court of North Carolina · 1908
- United States v. Chase National BankSupreme Court of the United States · 1920
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