Stevenson v. Fidelity Bank of Durham
Supreme Court of North Carolina
Civil action, heard before Bryan, /., at September Term, 1893, of New HaNOVER Superior Court, upon an agreed statement of facts, which was substantially as follows: The plaintiffs, merchants doing business in Wilmington, on the 12th day of June, 1893, drew a sight draft on W. K. Proctor, of Durham, N. C., for $200.20, payable to W. L. Smith, cashier of the Bank of New Hanover, at Wilmington, and deposited the same for collection in said bank.
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Civil action, heard before Bryan, /., at September Term, 1893, of New HaNOVER Superior Court, upon an agreed statement of facts, which was substantially as follows: The plaintiffs, merchants doing business in Wilmington, on the 12th day of June, 1893, drew a sight draft on W. K. Proctor, of Durham, N. C., for $200.20, payable to W. L. Smith, cashier of the Bank of New Hanover, at Wilmington, and deposited the same for collection in said bank. The draft was not credited to the plaintiffs on the books of the bank, and was not to be so credited until collected. The said bank endorsed the same,…
1Opinion of the Court
MacRae, J.:
The ingenious argument of defendant’s counsel is based entirely upon the assumption that the defendant was a purchaser of commercial paper for value and without notice of any equities between the original parties thereto, and before maturity. If such had been the case, there can be no question that the defendant would have been entitled to hold the avails to its own use. If the course of dealings between the two banks had continued as it had been prior to June, 1891, the forwarding by the one to the other of commercial paper for collection on account of the bank so forwarding, the…
2Cases cited2 opinions
- McBride v. . the Farmers' BankNew York Court of Appeals · 1863
- Manufacturers' National Bank v. Continental BankMassachusetts Supreme Judicial Court · 1889
3Cited by1 opinion
- Boykin v. Bank of FayettevilleSupreme Court of North Carolina · 1896