McBride v. Farmers' Bank of Salem
New York Court of Appeals
The Farmers’ and Mechanics’ Bank, of Hartford, Connecticut, in October, 1854, holding two notes against Paul & Pritchard of Ohio, amounting to $1,585, payable at the defendant’s Bank, on the 18th of November, 1854, sent them to the Canal Bank at Cleveland, Ohio, for collection, which bank on the 11th October, forwarded them to the defendant for collection, with a request, when paid, to remit exchange.
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The Farmers’ and Mechanics’ Bank, of Hartford, Connecticut, in October, 1854, holding two notes against Paul & Pritchard of Ohio, amounting to $1,585, payable at the defendant’s Bank, on the 18th of November, 1854, sent them to the Canal Bank at Cleveland, Ohio, for collection, which bank on the 11th October, forwarded them to the defendant for collection, with a request, when paid, to remit exchange. The de-. fendant had no information that the Canal Bank was not the owner of the notes. Those banks had been accustomed to collect notes for each other: each kept an open account of such…
1Opinion of the CourtBalcom, J.
The most favorable view that can be taken of this case for the defendants, is that the notes against Paul & Pritchard, when received by the defendants, appeared by the indorsements thereon, to be the property of The Canal Bank of Cleveland, and that the defendants supposed the notes belonged to that bank when they received the money thereon and gave that bank credit therefor; and that the defendants had not previously drawn on the Canal Bank for the balance of $1,051.42 due them from that bank, because they expected to receive negotiable paper from such bank to collect and to credit the…
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