Erb v. Banco Di Napoli

The plaintiff owned coupons entitling her to interest on bonds of the Kingdom of Italy. She lost them. The coupons were payable at the business place of the defendant bank, in the city of New York. The defendant had in its possession moneys of the Kingdom of Italy, deposited with the defendant for the purpose of paying the interest represented by these coupons. It is, however, expressly and formally conceded that the defendant was empowered “ to pay these coupons * * * on their presentation, and surrender to it (defendant), but not otherwise. Defendant is without authority from the Kingdom of…