National Mahaiwe Bank v. Peck
Massachusetts Supreme Judicial Court
Contract on a promissory note for $500, dated December 29, 1875, signed “Jas. A. Benjamin, Treas.,” payable to the order of the defendant in forty-five days after date at the plaintiff bank, and indorsed by the defendant. Trial at June term 1878 of the Superior Court, without a jury, before Rockwell, J., who reported the case for the determination of this court, in substance as follows: Benjamin kept an ordinary banking account with the plaintiff bank.
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Contract on a promissory note for $500, dated December 29, 1875, signed “Jas. A. Benjamin, Treas.,” payable to the order of the defendant in forty-five days after date at the plaintiff bank, and indorsed by the defendant. Trial at June term 1878 of the Superior Court, without a jury, before Rockwell, J., who reported the case for the determination of this court, in substance as follows: Benjamin kept an ordinary banking account with the plaintiff bank. At "the time of giving the note in suit, he was treasurer of the town of Egremont, and the bank gave him for this note a draft to be used for…
1Opinion of the CourtGray, C. J.
Money deposited in a bank does not remain the property of the depositor, upon which the bank has a lien only; but it becomes the absolute property of the bank, and the bank is merely a debtor to the depositor in an equal amount. Foley v. Hill, 1 Phillips, 399, and 2 H. L. Cas. 28. Bank of Republic v. Millard, 10 Wall. 152. Carr v. National Security Bank, 107 Mass. 45. So long as the balance of account to the credit of the depositor exceeds the amount of any debts due and payable by him to the bank, the bank is bound to honor his checks, and liable to an action by him if it does not. When he…
2Cases cited9 opinions
- Bank of the Republic v. MillardSupreme Court of the United States · 1870
- Field v. HollandSupreme Court of the United States · 1810
- Commercial Bank v. HughesNew York Supreme Court · 1837
- Allen v. CulverNew York Supreme Court · 1846
- Carr v. National Security BankMassachusetts Supreme Judicial Court · 1871
4 more not listed; retrieve them via the Exa API.
3Cited by48 opinions
- United States v. Butterworth Judson Corp.Supreme Court of the United States · 1925
- Furber v. DaneMassachusetts Supreme Judicial Court · 1909
- London & San Francisco Bank, Ltd. v. ParrottCalifornia Supreme Court · 1899
- McShane v. Howard BankCourt of Appeals of Maryland · 1890
- Tatum v. Commercial Bank & Trust Co.Supreme Court of Alabama · 1915
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