Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 8 of 8
Full-Text Articles in Law
Bills And Notes - Alteration -Additional Maker As A Material Alteration, John M. Ulman
Bills And Notes - Alteration -Additional Maker As A Material Alteration, John M. Ulman
Michigan Law Review
Defendant A made and delivered the note in question in 1921, payable in two years. In 1931 after the death of the payee, the note was duly assigned to plaintiff. When plaintiff received the note, the signature of defendant B appeared below that of A. The court found that B's signature had been added by someone unknown claiming a benefit under the note after delivery and for the purpose of giving a greater security to the note and that neither defendant authorized or had any knowledge of the addition of B's name. The plaintiff sued both defendants …
Banks And Banking - Incidence Of Loss Resulting From Payments By Drawee Bank Not In Accordance With Depositor's Orders
Michigan Law Review
The ordinary commercial deposit normally results in a debtor-creditor relationship between bank and depositor. It is familiar doctrine that in this situation a duty rests upon the bank to honor its creditor's properly drawn orders to the extent of the depositor's balance. Payments by the bank, ostensibly according to such orders, but which are in truth not in accordance therewith, are the bank's loss at least so far as the supposed drawer is concerned. In bookkeeping terms this means that payments by the bank not strictly in pursuance of genuine orders ordinarily cannot be charged against the account of the …
Banks And Banking-Liability Of Drawee Bank For Payment On Forged Indorsement
Banks And Banking-Liability Of Drawee Bank For Payment On Forged Indorsement
Michigan Law Review
Plaintiff's depositor gave to A a check, payable to A and B, in return for a chattel mortgage and a note, both signed by A and B. The check was indorsed and presented to the defendant bank for collection. The plaintiff paid the check, debiting the drawer's account. Two years later, when the note came due, it was found that B's name had been forged to the note, the mortgage, and the check. Plaintiff then credited its depositor's account with the amount of the check, and now seeks to recover from the defendant. The court held that …
Bills And Notes - Forged Indorsement - Liability Of Collecting Bank To Drawer
Bills And Notes - Forged Indorsement - Liability Of Collecting Bank To Drawer
Michigan Law Review
Plaintiff drew a check payable to V. It was stolen by H, plaintiff's employee, and delivered to a confederate who forged V's indorsement and deposited the check in the defendant bank which collected on the instrument. Plaintiff was reimbursed by H's bonding company, and then sought to recover the amount of the check from the defendant. Held, that though plaintiff could ordinarily recover the proceeds of its stolen, undelivered check from the collecting bank, recovery here would be denied because plaintiff had already been reimbursed for its loss. Washington Mechanics' Savings Bank v. District Title …
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 …
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 …