Marine Bank v. Fulton Bank
Supreme Court of the United States
In the spring of 1861, the Fulton Bank, of New York, sent for collection to the Marine Bank, Chicago, two notes, one of Cooley & Co., for $2000, and one of Hunt & Co., for $1037; both due May 1-4, in that year. The currency at Chicago had become at that time somewhat deranged, and consisted exclusively of bills of the Illinois banks.
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In the spring of 1861, the Fulton Bank, of New York, sent for collection to the Marine Bank, Chicago, two notes, one of Cooley & Co., for $2000, and one of Hunt & Co., for $1037; both due May 1-4, in that year. The currency at Chicago had become at that time somewhat deranged, and consisted exclusively of bills of the Illinois banks. The Marine Bank, just afterwards, addressed a circular to its correspondents, informing them that, in the disturbed state of the currency, it would be impossible to continue remittances with the usual regularity, and that until further notice it would be…
1Opinion of the CourtJustice Milleb
delivered tne opinion of the court.
The Chicago bank was unquestionably the agent of the Fulton County Bank, up to and including the receipt of the' money from the makers of the notes. If no change was made in their relation subsequent to that time, then the former bank, having obeyed instructions, should not be held liable to the latter for the depreciation of its money. The agent, however, in this case was a bank engaged in the usual banking business of discounting notes, buying and selling exchange, and receiving deposits from its customers, and some confusion may grow out of the peculiar…
2Cited by128 opinions
- Burton v. United StatesSupreme Court of the United States · 1905
- Davis v. Elmira Savings BankSupreme Court of the United States · 1896
- Commercial Bank of Pa. v. ArmstrongSupreme Court of the United States · 1893
- Scammon v. KimballSupreme Court of the United States · 1876
- Newcomb v. WoodSupreme Court of the United States · 1878
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