Union Stock Yards Nat. Bank v. Moore
| Decision Date | 01 March 1897 |
| Citation | 79 F. 705 |
| Parties | UNION STOCK YARDS NAT. BANK v. MOORE et al. |
| Court | U.S. Court of Appeals — Eighth Circuit |
The appellant is a national bank doing business at the Union Stock Yards at South Omaha, Neb.; and in the year 1895, and prior thereto, the Waggoner-Birney Company was a corporation of the same place, engaged in business as a live-stock commission agent and factor, doing all of its banking business with the appellant, and at the close of business on the 1st day of August, 1895, was indebted to the appellant upon overdrafts and its checks paid by the appellant, in the sum of $8,918.10, and upon its two promissory notes, having them considerable time to run before maturity, in the further sum of $8,774.39. On said 1st day of August, 1895, the appellees brought by railroad to South Omaha a large shipment of cattle, and gave them, for sale upon commission, to the Waggoner-Birney Company aforesaid, who made sale of the cattle on the same day, and, near the close of business of that day, deposited the proceeds of such sale, with some other moneys, in the appellant bank; the entire amount of the deposit being the sum of $17,666.30. On the receipt of such deposit by the appellant, it assumed to apply the same, as moneys of said Waggoner-Birney Company, in payment and satisfaction of all said indebtedness of said company to said bank, including the said two notes of said company not matured; and on the morning of August 2, 1895, upon the presentation of the check of said company upon said bank for the sum of $11,773.03, to be paid to the appellees as the net amount belonging to them from the proceeds of the sale of their cattle, all of which proceeds had been included in said deposit of the preceding day, said bank refused to pay the same or any part thereof, and claimed to hold all of said money under said application by it of the same in satisfaction of said indebtedness of the said company to said bank. Whereupon this suit was begun by the appellees, and upon trial thereof the court made the decree in their favor which is appealed from.
J. M Woolworth (J. L. Kennedy and Myron L. Learned on the brief) for appellant.
C. J Smyth, for appellees.
Before SANBORN and THAYER, Circuit Judges, and LOCHREN, District Judge.
LOCHREN District Judge, after stating the case as above, .
1. Although the Waggoner-Birney Company, from its connection with, and possibility of interest in, the subject of...
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