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Bills And Notes -- Principal And Agent--Payment To Agent Of Drawer Upon Indorsement Forged By The Agent
Michigan Law Review
A was an agent of P for the purpose of securing applications for loans and disbursing the money to the borrowers. The custom was for P, after approving the application, to send to A a check drawn on D bank, payable to the joint order of A and the borrower. It was also the custom for A, in following out the course of dealing outlined by P, to secure the borrower's indorsement, add his own, deposit the check to an agency account in X bank, and then pay out the money to the borrower by personal checks on his agency …
Bills And Notes-Checks-Right Against Drawer-Presentation For Payment Within Reasonable Time
Bills And Notes-Checks-Right Against Drawer-Presentation For Payment Within Reasonable Time
Michigan Law Review
Defendant delivered a check on an Austin bank to the plaintiff at his farm, seven and one-half miles from Austin. On the fourth business day following, plaintiff deposited the check to his account with another Austin bank. Before the latter could collect, the drawee bank failed. From the date of the check to the drawee's failure, defendant had sufficient funds on deposit to pay the check. The plaintiff, on the three business days after receipt of the check, stacked corn fodder. His home was located on a good gravel road leading to Austin; and he owned an automobile. Held, …