Sargent v. Ranger & Co.

Opinion by

Winkler, J.

§ 617. Letter of credit; how far maker of is liable for money advanced on faith of. On the 31st of August, 1866, Eanger & Oo. delivered to W. H. Eussell the following: “The bearer, W. PI. Eussell, Esq., is authorized to draw on us for six hundred dollars, specie. Eanger & Oo.” On the 3d of September, 1866, Eussell drew the following draft: “Messrs. Eanger & Oo., please pay to W. D. Sargent, three hundred and fifty ($350) dollars, specie. W. H. Eussell.” Eanger & Oo. refused to accept and pay this draft, because Eussell had already drawn the amount of the letter of credit.…