Tradesmen's National Bank v. Third National Bank
Supreme Court of Pennsylvania
Error to the Court of Common Pleas of Allegheny county: No. 196, to October and November Term 1870. To September Term 1870, The Third National Bank of Pitts-burg brought an action of assumpsit against The Third National Bank. The plaintiffs’ affidavit stated their claim to be for the amount of the following draft:— “2000. Pittsburg, Pa., Aug. 12th 1870. At sight, pay to the order of ourselves two thousand dollars, value received, and charge the same to account of Wm.
Read the full summary
Error to the Court of Common Pleas of Allegheny county: No. 196, to October and November Term 1870. To September Term 1870, The Third National Bank of Pitts-burg brought an action of assumpsit against The Third National Bank. The plaintiffs’ affidavit stated their claim to be for the amount of the following draft:— “2000. Pittsburg, Pa., Aug. 12th 1870. At sight, pay to the order of ourselves two thousand dollars, value received, and charge the same to account of Wm. B. Hays & Son. To Third National Bank, \ Pittsburg, Pa. J ” “ ENDORSED. “ Pay to the order of J. & E. Greenwald. Wm. B. Hays &…
1Opinion of the Court
The opinion of the court was delivered, January 3d 1871, by
Read, J.
— The drawee of a bill is held bound to know the handwriting of his correspondent, the drawer; and if he accepts or pays a bill in the hands of a bond, fide holder, for value, he is concluded by the act, although the bill turns out to be a forgery. If he ■ has accepted, he must pay ; and if he has paid, he cannot recover the money back. This was the law of Pennsylvania as settled by the ease of Levy v. The Bank of the United States, 1 Binn. 27. This rule was altered by the 10th section of the Act of the 5th April 1849, Pamph.…
2Cases cited1 opinion
- Levy v. President of the Bank of the United StatesSupreme Court of Pennsylvania · 1802
3Cited by3 opinions
- Iron City Nat. Bank v. Fort Pitt Nat. BankSupreme Court of Pennsylvania · 1893
- Union National Bank v. Franklin National BankSupreme Court of Pennsylvania · 1915
- Market St. Title & Trust Co. v. Chelten Trust Co.Supreme Court of Pennsylvania · 1928