Union Bank v. Tutt
Missouri Court of Appeals
Appeal from St. Louis Circuit Court. The party holding the legal title of the instrument may sue on it, though he-be an agent or trustee, and liable to account to another for the proceeds of the recovery; but he is open, in such case, to any defence which may exist against the person beneficially interested. — Cottle v. Cole, 20 Iowa, 481; Miller’s PI. & Pr. 23, and cases cited; Eatons.
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Appeal from St. Louis Circuit Court. The party holding the legal title of the instrument may sue on it, though he-be an agent or trustee, and liable to account to another for the proceeds of the recovery; but he is open, in such case, to any defence which may exist against the person beneficially interested. — Cottle v. Cole, 20 Iowa, 481; Miller’s PI. & Pr. 23, and cases cited; Eatons. Alger, 57 Barb. 179. A payee will not be allowed to get rid of a defence of want of consideration by transferring a share of the obligation to another. — Sexton et al. v. Eodge et al., 57 Barb. 116. The…
1Opinion of the CourtLewis, P. J.
This is a suit on a bill of exchange drawn by W. B. Sprinkle on defendants, and accepted by them, in favor of the Lewis County Savings-Bank, for $1,000, dated April 24,1876, payable at ninety days, and indorsed to the plaintiff. The answer denies that the bill was transferred to plaintiff for value before maturity, and sets up an affirmative defence, substantially as follows : That defendants, with the knowledge of the payee, accepted the bill only as sureties for the drawer, and under conditions expressly agreed upon between the acceptors and the payee, to the following effect, viz.: that,…
2Cases cited3 opinions
- Commercial Bank v. HughesNew York Supreme Court · 1837
- Marsh v. Oneida Central BankNew York Supreme Court · 1861
- Knecht v. United States Savings InstitutionMissouri Court of Appeals · 1876
3Cited by3 opinions
- Horigan Realty Co. v. First National BankMissouri Court of Appeals · 1925
- Quattrochi Bros v. Farmers & Merchants BankMissouri Court of Appeals · 1901
- Padgett v. Bank of Mountain ViewMissouri Court of Appeals · 1910