West St. Louis Savings Bank v. Shawnee County Bank
Supreme Court of the United States
Appeal from the Circuit Court of the United States for the District of Kansas. ’Parmelee, cashier of the Shawnee County Bank, made his individual note for $3,000, payable to the order of the West St. Louis Savings Bank, indorsed it “G. F. Parmelee, cashier,” and gave as collateral security a certificate of stock in the Shawnee County Bank, issued to and owned by him.
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Appeal from the Circuit Court of the United States for the District of Kansas. ’Parmelee, cashier of the Shawnee County Bank, made his individual note for $3,000, payable to the order of the West St. Louis Savings Bank, indorsed it “G. F. Parmelee, cashier,” and gave as collateral security a certificate of stock in the Shawnee County Bank, issued to and owned by him. The consideration of the note was money lent to him by the payee, who was advised that he intended to .use it to pay, for his stock in .the Shawnee County Bank. He failed to pay the note; whereupon'this suit was commenced by the…
1Opinion of the CourtChief Justice Waite
The testimony in this case satisfies us beyond all doubt that the liability of the Shawnee County Bank, if any liability exists, is that of an accommodation indorser or surety for Parmelee, its cashier, and that this was known to'the St. Louis Bank when it made the discount. The' note itself bears upon its' face the most unmistakable evidence of this fact. It is made payable directly to the St. Louis Bank, .and the Shawnee Bank appears only as an indorser in blank of a promissory note before indorsement by the payee and while the note is- in the hands of the maker. Such an indorsement by a…
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- McLellan v. Detroit File WorksMichigan Supreme Court · 1885
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