Traders' Securities Co. v. Dutsch

It is my conclusion that the judgment appealed from is erroneous, and should be reversed, and plaintiff’s demand rejected.

To my mind, it seems that the acceptances sued on have not been legally indorsed nor legally negotiated; that the negotiation claimed to have taken place is without effect. *78If mj‘ conclusion Is correct, it follows that plaintiff has no more right to collect from the defendant Dutseh than Arch Manufacturing Company would have had.

The acceptances hear on their back what purports to he an indorsement, as follows: “Without recourse, pay to the order of Traders Securities…