Prudden v. First Nat. Bank of Secaucus

Complainant is a corporation and has its principal place of business in Ohio. Defendant was incorporated under the federal banking laws as a national bank, to do a general banking and trust business, with its banking house at Secaucus, in this state. Complainant was the owner of interest coupons on certain municipal bonds issued by the town of Secaucus, which coupons by their terms, were payable at the defendant bank. Prior to March 1st, 1933 (the coupon due date), defendant received the coupons direct from complainant with the following written instructions: "The enclosed collection items…