Federal Intermediate Credit Bank v. Howard

The opinion of the court was delivered by

Hutchison, J.:

This appeal involves the question of the right of a bank rediscounting a forged note assigned to it by another bank to an equitable trust in the proceeds of a life insurance policy held by the assigning bank as security to it for the indebtedness of *641the deceased whose name had been forged to the note rediscounted by the plaintiff bank. The action was brought on the rediscounted note and also on the debt against the receiver of the bank which assigned the note, and against the estate of the supposed maker of the note for judgment for the…