In re the Liquidation of the State Bank

This matter was determined August 23, 1934 (Matter of State Bank of Binghamton, 152 Misc. 579). The Federal Reserve Bank (hereinafter called the respondent), now seeks a modification of that part of the decision contained in “ the next to the last paragraph of the opinion.” The proceeding involves the rights of the respondent under sections 350-j and 350-1, subdivision 2, of the Negotiable Instruments Law. We held (1) that Federal Reserve Bank as collecting agent did not elect under section 350-j to treat the items involved as dishonored, and (2) that “ the payee owner ‘ could make the…