Manufacturers National Bank v. United States Fidelity & Guaranty Co.

On or about January 4, 1926, and while defendant’s blanket bond was in force, a customer of plaintiff was the owner of a subscription warrant, the value of which was an assured right to subscribe for bonds of the Brooklyn Union Gas Company. On that day he delivered such warrant, properly indorsed, to plaintiff’s assistant cashier in its bank and instructed him to transmit it, together with the sum to be paid for the bonds, in due time to the National City Bank of New York city, the agent through whom his right must be exercised. The time within which to exercise that right expired at three…