United States v. American Exchange Nat. Bank
| Decision Date | 05 September 1895 |
| Citation | 70 F. 232 |
| Parties | UNITED STATES v. AMERICAN EXCHANGE NAT. BANK. |
| Court | U.S. District Court — Southern District of New York |
Wallace Macfarlane, U.S. Dist. Atty., for the United States.
Cardoza & Nathan, for defendant.
The pension draft in this case was paid to the defendant bank by the subtreasury, upon the forged indorsement of the payee's name after her death. The Bellaire Bank of Ohio had previously cashed the draft upon the forged indorsement, and thereupon indorsed it 'for collection' to the defendant bank at New York. The latter was the collecting correspondent of the Bellaire Bank as regards its funds in New York. The collection was made in good faith by the defendant bank and the proceeds remitted to the Bellaire Bank some months before the discovery of the forgery. The indorsement of the forged draft by the Bellaire Bank showed upon its face that the defendant was to act as collecting agent only. The defendant never had any property in the draft of its proceeds. The later authorities sustain the proposition that in such a case where the collecting agent pays over the funds before any notice of irregularity or fraud, the remedy is against the principal alone. Bank v. Armstrong, 148 U.S. 50, 13 Sup.Ct. 533; White v Bank, 102 U.S. 658; Sweeny v. Easter, 1 Wall. 166; Wells, Fargo & Co. v. U.S., 45 F. 337; National Park Bank v. Seaboard Bank, 114 N.Y. 28, 20 N.E. 632.
In such cases the indorsement by the collecting agent, who has no proprietary interest, does not import any guaranty of the genuineness of all prior indorsements, but only of the agent's...
To continue reading
Request your trial
-
Schaap v. First National Bank of Fort Smith
...but it merely acted as a conduit. This is the point as to eleven of the checks. Schaap cannot recover. 157 P. 202; L. R. A. 1917 A. 145; 70 F. 232; 100 Tenn. 187; 47 S.W. 234; 123 Tenn. 364; 73 S.W. 1129; Tenn. 381; 7 L. R. A. 93. The cases cited for appellant do not apply. 69 A. 280 is aga......
-
State v. Omaha National Bank
... ... 584; Wilson ... v. Denton, 82 Tex. 531; First Nat. Bank of Cameron ... v. Stanley, 46 Mo.App. 440; Richards ... Newark Nat. Bank, 48 ... N.J.Eq. 51; Goodwin v. American Nat. Bank, 48 Conn ... 550; Howard v. Deposit Bank of ... 247; State ... Nat. Bank v. Dodge, 124 U.S. 333; United States v ... American Exchange Nat. Bank, 70 F. 232; ... ...
-
State v. Omaha National Bank
... ... 1 of the constitution of the United States; and, too, the ... state constitution provided for ... sinking fund," was unauthorized. State v. Omaha Nat ... Bank, 59 Neb. 483 ... He who ... Exchange National Bank. These credits were given pursuant to ... Deposit Bank , 80 Ky. 496; United ... States v. American Exchange Nat. Bank , 70 F. 232, and ... authorities ... ...
-
United States v. NATIONAL EXCH. BANK OF BALTIMORE, MD.
...as a collection agency. National Park Bank v. Seaboard Bank, 114 N. Y. 28, 20 N. E. 632, 11 Am. St. Rep. 612; United States v. American Exchange National Bank (D. C.) 70 F. 232; Wells, Fargo & Co. v. United States (C. C.) 45 F. 337, 2 Michie on Banks and Banking, 1497. The plaintiff, howeve......