Yokohama Specie Bank, Ltd. v. Milbert Importing Corp.

The Superintendent of Banks, as liquidator of the assets in New York of Yokohama Specie Bank, Ltd., a Japanese corporation, brings this action upon eleven bills of exchange drawn in Japan by a Japanese corporation upon defendant in New York, payable to the order of Yokohama Specie Bank, Ltd. Defendant admits the drawing of the bills of exchange and its acceptance thereof, but asserts that Yokohama Specie Bank, Ltd., although named as payee, never acquired the bills for value and was in fact a mere agent for the collection thereof for the drawer, and upon that theory it interposes a claim for…