Franklin Savings & Trust Co. v. Clark

Opinion by

Mr. Justice Kephart,

Defendant had endorsed a promissory note held by plaintiff and payable at its banking house. The maker was a depositor in the holder bank, having two accounts, one individual and the other “John W. Garland, Spe eial.” On the day of maturity of the note the individual account was slightly overdrawn; the “special” account had a balance of $102.39. The holder, during that day, received for collection from the maker two checks aggregating $12,500, drawn on New York and Pittsburgh banks, for deposit to the “special” account; it was credited with the proceeds.…