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Bills And Notes-Warranty Of Qualified Indorser -When Instrument "Valueless"
Bills And Notes-Warranty Of Qualified Indorser -When Instrument "Valueless"
Michigan Law Review
In an action based upon the vendor's warranty in the sale of a note as set forth in the N.I.L., sec. 65 (4), it being alleged that the maker was insolvent and the mortgaged property worth much less than the debt at the time of the transfer of the note and that both such facts were known to the transferor, held, a ruling sustaining a demurrer should be affirmed. Leekley v. Short, (Iowa 1933) 249 N. W. 363.
Quasi-Contracts -- Sufficiency Of Technical Benefit
Quasi-Contracts -- Sufficiency Of Technical Benefit
Michigan Law Review
A brokerage house, the R. Co., having purchased stock on margin for the plaintiff, requested a payment of $1100 in order to protect themselves in carrying the account. Doubting the financial stability of R. Co. the plaintiff decided to transfer the account to another firm, the defendant, and accordingly delivered to R. Co. a personal check naming the defendant as payee, at the same time orally directing R. Co. to transfer the stock and check to the defendant and from them receive payment in full. R. Co., however, falsely represented that the check was really theirs and that the plaintiff …
Bills And Notes - Rights Of Holder Of Bill Against Drawee
Bills And Notes - Rights Of Holder Of Bill Against Drawee
Michigan Law Review
An employee of the plaintiff, payee of a check drawn on the defendant bank, indorsed the check without authority and cashed it, retaining the proceeds. The check was sent through the clearance to the defendant bank and charged to the drawer. The plaintiff brought suit against the bank by a complaint in the form of damages for the conversion of a check. It was adjudged for the plaintiff and the defendant appealed. On appeal, the plaintiff insisted that the payment of the check amounted to an acceptance by the defendant bank and that a liability to the plaintiff as payee …