Central Savings Bank v. Richards
Massachusetts Supreme Judicial Court
Contract, by a banking corporation in St. Louis against Reuben A. Richards, James C. White and John E. White, doing business in Boston under the name of Richards and Company, as acceptors of a bill of exchange for $2500, drawn on the defendants by the St. Louis Zinc Company, dated August 16,1870, payable thirty days after date to the order of Felix McArdle, secretary, and by him indorsed to the plaintiffs.
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Contract, by a banking corporation in St. Louis against Reuben A. Richards, James C. White and John E. White, doing business in Boston under the name of Richards and Company, as acceptors of a bill of exchange for $2500, drawn on the defendants by the St. Louis Zinc Company, dated August 16,1870, payable thirty days after date to the order of Felix McArdle, secretary, and by him indorsed to the plaintiffs. The case was submitted to the judgment of the superior court, and, on appeal, of this court, upon a statement of facts of which the material parts were as follows: The St. Louis Zinc…
1Opinion of the Court
Mortoít, J.
It is the settled rule that a promise in writing to accept a bill of exchange, drawn or to be drawn, is a virtual acceptance in favor of a person to whom the promise is shown and who takes the bill on the credit of such promise. This subject was carefully considered by the court in the recent case of Exchange Bank of St. Louis v. Rice, 98 Mass. 288, and it is sufficient to refer to the discussion in that case. The case at bar falls within this rule. The telegram sent to the St. Louis Zinc Company was an authority for it to draw the bill of exchange in suit, and necessarily implied…
2Cases cited1 opinion
- Exchange Bank of St. Louis v. RiceMassachusetts Supreme Judicial Court · 1867
3Cited by7 opinions
- Barnsdall v. WaltemeyerCourt of Appeals for the Eighth Circuit · 1905
- Ozburn v. Corn Exchange National BankAppellate Court of Illinois · 1917
- Ravenswood Bank v. RenekerSuperior Court of Pennsylvania · 1901
- Garrettson v. North Atchison BankU.S. Circuit Court for the District of Western Missouri · 1889
- Snyder & Blankfard Co. v. Farmers' BankCourt of Appeals of Maryland · 1940
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