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Full-Text Articles in Law
Bills And Notes-Reacquisition And Reissue By A Prior Party-Liability Of Intermediate Indorser To Subsequent Holder In Due Course, James R. Bliss S.Ed.
Bills And Notes-Reacquisition And Reissue By A Prior Party-Liability Of Intermediate Indorser To Subsequent Holder In Due Course, James R. Bliss S.Ed.
Michigan Law Review
The payee of a negotiable note indorsed to X, who later indorsed back to the payee, who before maturity indorsed to a holder in due course. All indorsements were special. On default, the holder brought suit to enforce the secondary liability of the payee and X, the intermediate indorser. Both defendants appealed from a judgment for the holder. Held, reversed as to X. The reacquisition of a note by a payee terminates the contractual liability of an intermediate indorser as to a holder subsequent to the payee. Denniston's Admr. v. Jackson, 304 Ky. 261, 200 …
Bills And Notes - False Impersonation - Effect Of Absence Of Prior Negotiations With Impostor, Edward D. Ransom
Bills And Notes - False Impersonation - Effect Of Absence Of Prior Negotiations With Impostor, Edward D. Ransom
Michigan Law Review
The plaintiff obtained a draft drawn on defendant bank with the plaintiff as payee, and indorsed by her in blank. The draft was for payment of a condemnation award to be sold at a discount through a broker. The plaintiff's husband, acting as her agent, went to the broker's office with his attorney. A man came in and was introduced, by one acting as his attorney, as Harry Wolter, the owner of the award. Thereupon plaintiff's husband handed the draft to his attorney, who wrote over the blank indorsements "pay to the order of Harry Wolter." There were no further …
Bills And Notes - Excuse Of Presentment For Payment
Bills And Notes - Excuse Of Presentment For Payment
Michigan Law Review
The X bank at which a certificate of deposit was payable was in the hands of a receiver at the time of maturity of the certificate. Plaintiff, holder, sued defendant on his liability as an indorser. Defendant claimed a discharge of his liability because of plaintiff's failure to present for payment to the maker (X bank) at maturity. Held, plaintiff was excused from presenting for payment. O'Neal v. Clark, (Ala. 1934) 155 So. 562.
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 …
Bills And Notes-Liability Of An Acceptor On An Altered Instrument
Bills And Notes-Liability Of An Acceptor On An Altered Instrument
Michigan Law Review
Section 62 of the N. I. L. (Uniform Negotiable Instruments Law) provides: "The acceptor by accepting the instrument engages that he will pay it according to the tenor of his acceptance; and admits,-- (1) The existence of the drawer, the genuineness of his signature, and his capacity and authority to draw the instrument, and (2) The existence of the payee and his then capacity to indorse." A recent California case decided that by force of this section, a bank certifying and paying a check on which the payee's name had been changed could not recover the money from the holder …
Mortgages -Assignment In Good Faith After Maturity Cuts Off Prior Latent Equities
Mortgages -Assignment In Good Faith After Maturity Cuts Off Prior Latent Equities
Michigan Law Review
M executed a negotiable note payable to the order of P, secured by a mortgage. After maturity, P assigned the note and mortgage without his indorsement to X for value. Y procured an assignment of these from X by fraud and in turn assigned them to Z, a purchaser without notice and for value. In Z's suit to foreclose the mortgage, X intervened, demanding the delivery of the same to himself. Held, Z's bona fide purchase cut off X's latent equity. Frank v. Brown, 255 Mich. 415, 238 N. W. 237 (1931).
Bills And Notes-Waiver Of Demand And Notice In Printed Form
Bills And Notes-Waiver Of Demand And Notice In Printed Form
Michigan Law Review
The defendant, Addison, who was payee of a promissory note, indorsed it "Pay to F. Main, Wm. Addison & Son." The indorsement was directly below a printed waiver in the usual form. Apparently the only defense was failure of demand and notice. Held, the indorser must be presumed to have waived these defenses. Krenerick v. Horton, 254 Mich. 12, 235 N. W. 810 (1931).
Suretyship - Revocation By Death
Suretyship - Revocation By Death
Michigan Law Review
In consideration of a promise on the part of the vendor in a land contract to accept from the purchaser the first four installments of interest in the form of four notes, the decedent agreed in writing to indorse said notes and become responsible to the vendor for their payment. The surety died before the first of the notes was to be made and indorsed. A claim was made against the estate of the surety on this writing, the trial judge finding for the estate on the ground that there was no competent evidence from which damage might be determined; …
Bills And Notes - Is One Assuming Liabilities To The Creditors Of His Transferor A Holder In Due Course
Michigan Law Review
The plaintiff entered into an agreement whereby it was to receive all the assets of an insolvent bank as consideration for the assumption of certain specified liabilities. Among the assets was a note upon which the plaintiff is now suing a prior indorser. Although it was the intention of the defendant to indorse as agent in accordance with the request of the insolvent bank, on the face of his endorsement he indorsed individually. Held, that since the plaintiff was not a holder in due course, the note was subject to the same defenses in the hands of the plaintiff …
Bills And Notes - Presentment - Waiver
Bills And Notes - Presentment - Waiver
Michigan Law Review
In an action by the holder against the indorser of a promissory note the question, on the defendant's motion to strike, was whether there was raised a question of fact as to a waiver by the defendant of presentment and notice of dishonor. The plaintiff relied on two letters as evidence of such waiver. One, a letter from the plaintiff to the defendant stating that the note was past due and not paid; and the other, the reply of the defendant Samuel Kullman to the indorser, that "the note will be taken care of not later than next week," but …
Recovery On Negotiable Instruments After Blanks Improperly Filled
Recovery On Negotiable Instruments After Blanks Improperly Filled
Michigan Law Review
At the request of a debtor a person signs a note, the amount being left blank, but on the understanding that it should be filled in with the amount of a certain account; by the principal debtor the incomplete note is delivered to the agent of the payee with instructions to fill in the amount of the account as agreed with the surety; the payee's agent, however, fills in a much larger amount. What if anything, should the payee recover from the surety in a suit on the note? A late case in Indiana allows recovery in the amount which …