Todd v. State Bank
Supreme Court of Iowa
Appeal from Delaware District Court. — O. W. Mullan, Judge. Action to enforce an agreement, whereby it is claimed that defendant received a sum of money originally deposited with the Delaware County State Bank, and afterwards taken over by defendant upon an agreement to return the same to plaintiff on demand, if plaintiff did not receive title to certain land in the state of Texas, which plaintiff had purchased from the American & Canadian Land Company.
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Appeal from Delaware District Court. — O. W. Mullan, Judge. Action to enforce an agreement, whereby it is claimed that defendant received a sum of money originally deposited with the Delaware County State Bank, and afterwards taken over by defendant upon an agreement to return the same to plaintiff on demand, if plaintiff did not receive title to certain land in the state of Texas, which plaintiff had purchased from the American & Canadian Land Company. It is alleged that this money was deposited in the banks as a tender off the amount due on certain notes given for the Texas land, with a…
1Dissent
Salinger J.
(dissenting). — The sole question is whether the majority is justified in holding that the facts here create an exception to a confessed rule. Hundreds of cases have built up the rule.
In McNight v. Parsons, 136 Iowa 390, at 392, that rule is stated as follows:
“The courts quite universally hold that knowledge that a note was given in consideration of the executory agreement or contract of the payee, which has not been performed, will not deprive the endorsee of the character of a bona-fide holder, unless he also has notice of the breach of that agreement or contract.”
The collateral…
2Cases cited26 opinions
- McNight v. ParsonsSupreme Court of Iowa · 1907
- Jennings v. ToddSupreme Court of Missouri · 1893
- Davis v. . McCreadyNew York Court of Appeals · 1858
- National Hardware Co. v. SherwoodCalifornia Supreme Court · 1913
- Siegel, Cooper & Co. v. Chicago Trust & Savings BankIllinois Supreme Court · 1890
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