Turnbull v. . Bowyer
New York Court of Appeals
One John. S. Martin, of New York, being indebted to Richmond & Holman, of Erie county, N. Y., on Eebruary 21st, 1863, drew his check on the Ocean Bank, in New York city, for §568.70, payable to their order, and inclosed the same in a letter addressed to them at their place of residence, and deposited the letter in the letter-box of the Granimercy Park House, New York.
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One John. S. Martin, of New York, being indebted to Richmond & Holman, of Erie county, N. Y., on Eebruary 21st, 1863, drew his check on the Ocean Bank, in New York city, for §568.70, payable to their order, and inclosed the same in a letter addressed to them at their place of residence, and deposited the letter in the letter-box of the Granimercy Park House, New York. The check was afterwards found in possession of one Miaglia, who gave it to Ball, Black & Co., in payment for a watch and chain, price $115, and received from Ball, Black & Co. their check for the difference, §453.70, intended…
1Opinion of the CourtMason, J.
In the case of commercial paper a bona fide purchaser gets a good title, although it may have been stolen and is transferred by the thief. (Edwards on Bills and Prom. Notes, 308, 309, 310, and cases there cited.) This check was not stolen, however, from the defendants, and they, without any objections made, allowed Miaglia to receive it and depart, after they had indorsed it in blank. As to all subsequent bona fide holders, therefore, they must be regarded as indorsers. The rule is well settled also that an indorsement of commercial paper is a contract with every subsequent holder, that the…
2Cited by26 opinions
- Los Angeles Investment Co. v. Home Savings Bank of Los AngelesCalifornia Supreme Court · 1919
- Gruntal v. United States Fidelity & Guaranty Co.New York Court of Appeals · 1930
- American Exchange National Bank v. Yorkville BankNew York Supreme Court · 1924
- Hartford Accident & Indemnity Co. v. Walston & Co.New York Court of Appeals · 1967
- Bank of Williamson v. McDowell County BankWest Virginia Supreme Court · 1909
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