Investment & Securities Co. v. American Bank

(dissenting) — It will be observed that the agreement set out in the majority opinion, which was signed by the member banks of the clearing house, repeatedly uses the word “loss,” and nowhere uses the word “liability.” It seems to me that the instrument is too plain for construction. The obvious intent of the signers was to indemnify against loss, and not against liability.

As to the character of the claim, it appears to me that it was, undoubtedly, a contingent one, and the amount of the loss was not ascertained until subsequent to the time when claims under the láw could be presented.

In…