Sanborn v. First Nat. Bank of Buchanan County
Decision Date | 04 December 1905 |
Citation | 90 S.W. 1033,115 Mo. App. 50 |
Parties | SANBORN v. FIRST NAT. BANK OF BUCHANAN COUNTY. |
Court | Missouri Court of Appeals |
Appeal from Circuit Court, Buchanan County; A M. Woodson, Judge.
Action by H. B. Sanborn against the First National Bank of Buchanan County. From a judgment in favor of plaintiff, defendant appeals. Reversed.
Benj. J. Woodson and Chas. F. Strop, for appellant. Brown & Dolman and John D. Milliken, for respondent.
This is an action for the conversion of a lot of cattle. The judgment in the trial court was for the plaintiff. Both parties to the controversy claim the cattle through chattel mortgages executed by one Purcell, residing in the state of Kansas; each of the mortgages given for borrowed money. Plaintiff charges that defendant, through one Hopper, whom plaintiff contends was defendant's agent, took cattle included in his mortgage and not included in defendant's; and that, if defendant did not authorize Hopper to take the cattle and sell them, it ratified his act in so doing by retaining the money arising out of the sale after knowledge of Hopper's acts. It appears that in Ness City, Western Kansas, there is a bank known as "Citizens' State Bank of Ness City," and that Hopper is president and one Engel is cashier of such bank. The evidence shows that this bank made loans and negotiated them to other parties or institutions, among others to the defendant bank at St. Joseph, Mo. So far as concerns this controversy, there were two loans made to Purcell, the notes and mortgages for which found their way into defendant's possession and ownership. These loans, and others in which defendant became interested, were made by the bank at Ness City, through Hopper or Engel, or Hopper and Engel, as its chief officers. Hopper and Engel would then endorse the notes as individuals, and then the bank would send them to defendant, receiving credit on defendant's books of deposit. That was the way with the notes in controversy. These notes (as well as some others) were taken in the name of the defendant bank, for the reason, as stated in evidence, that they did not want such business to appear in the bank's statements, and the bank felt confident that defendant would accept them. The profit or interest these three parties had in the loans was this: The notes drew over 7 per cent., generally 10. Defendant wanted and got seven per cent. interest on the notes it purchased. Hopper and Engel, as consideration for their indorsement, took the difference between the per cent. the defendant bank got and what the notes actually drew; and the bank at Ness City, as expressed by one or more of the witnesses, got the business; that is, it got exchange on moneys sent out by draft, and it generally had the benefit of the loan as a deposit, sometimes for several months before it would be entirely checked out. When the notes became due, defendant inclosed one of them and the mortgages to the bank at Ness City in the following letter of instruction, and the other in a like letter:
Hopper took possession of the cattle described in the mortgages, but, in addition, he took cattle described in plaintiff's mortgage which were not in defendant's. He foreclosed the mortgages by selling the cattle. He stated that the money was paid to the bank at Ness City and by that bank credit on its books was given to the defendant for the amount received. Hopper was called for plaintiff and was one...
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