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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 …
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 …
Banks And Banking-What Constitutes Payment Of A Check
Banks And Banking-What Constitutes Payment Of A Check
Michigan Law Review
The payee bank forwarded checks to the drawee bank for payment. The checks were entered on the "check journal sheet" and at the close of the business day were entered on the "general cash sheet" of the drawee bank. The drawee bank posted a letter to the payee bank stating that it had been credited with the checks. Later, the cashier withdrew from the mails this letter and altered the records of the drawee bank accordingly. The checks were never charged to the drawer's account on the "individual ledger" of the drawee bank and they were never stamped "paid." Held …
Banks And Banking - Misappropriation Of Trust Funds - Liability Of Bank
Banks And Banking - Misappropriation Of Trust Funds - Liability Of Bank
Michigan Law Review
Committee for incompetent deposited checks payable to him as such committee in the defendant bank to the credit of his individual account. The committee's account was entirely dissipated, but, so far as the facts appear in the opinion, the defendant bank at no time had any knowledge of the use to which the money was put. The committee was removed and the substituted committee sued the defendant bank for aiding the original committee in the diversion of the funds. Held, that it was the duty of the defendant bank to inquire whether the committee had authority to deposit the …