Lee's Administrator v. Smead, Collard & Hughes
Court of Appeals of Kentucky
CASE 54 APPEAL FROM CAMPBELL CIRCUIT COURT: The facts appear in the opinion of the court. The note should have been presented for payment within the usual banking hours. (Story on Bills of Exchange, see. 328.) The plaintiffs knew, or had reason to believe, that the note in. question was left with Manchester for collection, and that he was not the owner thereof.
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CASE 54 APPEAL FROM CAMPBELL CIRCUIT COURT: The facts appear in the opinion of the court. The note should have been presented for payment within the usual banking hours. (Story on Bills of Exchange, see. 328.) The plaintiffs knew, or had reason to believe, that the note in. question was left with Manchester for collection, and that he was not the owner thereof. The plaintiffs are not holders for value in the regular course of business, and their title is subordinate to that of the rightful owner. (5 Johnson's Ch. Rep., 54, 58; 20 Johnson's Rep., 637, 651.) No action can be maintained on the…
1Opinion of the Court
JUDGE DUVALL
delivered the opinion oe the court:
Harcourt borrowed from Lee $135, for which sum Harcourt executed his note, dated Newport, Kentucky, October 6, 1854, payble thirty days thereafter to M. Seddens, at the “ People’s Bank, Cincinnati.” Seddens, the nominal payee, was, in fact, the mere surety of Harcourt, and as such, indorsed the note to Lee, who also indorsed and deposited it, on the same day it was executed, in the People’s Bank, at Cincinnati, for collection. '
It appears that Manchester, who was the sole proprietor of the People’s Bank, had obtained from Smead, Collard & Hughes,…
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