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Bills And Notes-Fictitious Payee-Bearer Instrument
Bills And Notes-Fictitious Payee-Bearer Instrument
Michigan Law Review
A receiver in bankruptcy drew a check on the funds of the bankrupt deposited in the name of the receiver in the defendant bank, payable to "Joseph Wolf" who was a non-existing person. The receiver indorsed the check in the name of "Joseph Wolf" and received payment from defendant which acted innocently. The trustee in bankruptcy sued the defendant for paying a check over a forged indorsement. Held, in Childs v. Empire Trust Co., that the check, being made payable to a .fictitious payee with the knowledge of the person making it so payable, was a bearer instrument, …
Bills And Notes -What Negligence Of The Drawer Will Enable The Drawee To Charge The Drawer's Account When The Indorsement Of The Payee Is Forged
Michigan Law Review
Plaintiff is the executor of a person who, in his capacity as treasurer of a voluntary loan association, issued a check on the association's account in the defendant bank, supposedly for a loan to a member of the association. The check, when paid, bore what purported to be the indorsement of the payee, and the signature of the president of the loan association. The supposed borrower denied the loan and his signature on the note in July, 1927, and asked to see the check, which he was shown after some months. He denied executing the indorsement and the defendant bank …
Bills And Notes-What Negligence Of The Drawer Will Enable The Drawee To Charge The Drawer's Account When The Indorsement Of The Payee Is Forged
Michigan Law Review
An attorney, representing himself to be the agent of the owner of a certain piece of real estate, applied to the plaintiff for a mortgage loan. The loan being granted subject to title, a person represented to be the landowner appeared, signed the mortgage and note, and her acknowledgement was taken by a notary public who stated that he knew her to be the identical person described in the mortgage. The title was approved and a check payable to the landowner was delivered to the attorney, who, after forging the payee's indorsement, indorsed personally and cashed. The drawer is suing …
Insurance - Subrogation Of Insurer To Insured's Claim Against A Quasi-Surety
Insurance - Subrogation Of Insurer To Insured's Claim Against A Quasi-Surety
Michigan Law Review
A, a loan broker, by forging the name of the plaintiff's attorney to a certificate of title, secured title insurance from the plaintiff guaranteeing the X loan association against loss by reason of defect in the mortgagor's title. The mortgagor was a non-existent person whose name A had forged to the note and mortgage. X drew a check on the defendant bank payable to the mortgagor, turning it over to A for delivery. A forged the mortgagor's name and collected from the defendant bank. Upon paying the X loan association on the insurance policy, the plaintiff sought to be subrogated …