Bassett v. West Haven Bank & Trust Co.

It appears from the stipulated facts that on December 21st, 1931, the Federal Reserve Bank of Boston sent to the West Haven Bank & Trust Company, for collection, checks drawn upon the latter, which were collected by it by charging the amounts thereof against the accounts of the respective drawers, and the checks were cancelled. In remittance for the amount so collected, the West Haven bank, on December 22d,‘ 1931, drew its draft on a New York bank payable to and forwarded to the Federal Reserve Bank of New York for account of the Reserve Bank of Boston. On December 22d, 1931, the Reserve Bank…