Payne Avenue State Bank v. Johnson

Taylor, C.

O. M. Hanscome was the cashier of the Farmers & Merchants State Bank located at Nicollet in Nicollet county. E. E. Larson, a brother-in-law of Hanscome, was president of the plaintiff bank located in the city of St. Paul. From time to time during a considerable period, the Nicollet bank, through Hanscome as its cashier, had sold and transferred quantities of commercial paper to plaintiff. In January, 1923, Larson learned that Hanscome had forged many promissory notes to the Nicollet bank, and then as cashier of that bank had sold these forged notes to plaintiff to. an amount…