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Actions On Commercial Paper: Holder's Procedural Advantages Under Article Three, Stanley V. Kinyon
Actions On Commercial Paper: Holder's Procedural Advantages Under Article Three, Stanley V. Kinyon
Michigan Law Review
The discussion will also be concerned primarily with the usual action "on the instrument": an action by the holder to enforce payment by a person who has signed it as maker, acceptor, certifier, drawer, indorser, or guarantor and has thus become "liable on" it. These instruments, of course, may be involved in other types of actions, such as: an action for conversion of the instrument (section 3-419); an action to recover damages for breach of the warranties of a collector or transferor (sections 3-417 and 4-207); an action to compel indorsement (section 3-201); an action to enjoin payment (section 5-114(2)(b)); …
Bills And Notes - Acceptance - Payment By Drawee Of Raised Check Precludes Recovery Under Section 62 Of The Uniform Negotiable Instruments Law, Louis A. Kwiker
Bills And Notes - Acceptance - Payment By Drawee Of Raised Check Precludes Recovery Under Section 62 Of The Uniform Negotiable Instruments Law, Louis A. Kwiker
Michigan Law Review
Defendant, collection bank and presenter, paid the face amount of a raised check, executed its unqualified indorsement thereon, transmitted the check through regular banking channels, and received payment from drawee bank. Upon discovery of the overpayment plaintiff, surety, reimbursed the drawee and sought recovery from the defendant. The trial court sustained defendant's demurrer. On appeal, held, affirmed. Under section 621 of the Uniform Negotiable Instruments Law, a drawee bank which pays a raised but otherwise genuine check to a non-negligent holder in due course cannot recover the amount by which the instrument was raised because payment constitutes an acceptance …
Bills And Notes--Indorsement "For Deposit Only"--Effect On Negotiability, Stephen A. Bryant S.Ed.
Bills And Notes--Indorsement "For Deposit Only"--Effect On Negotiability, Stephen A. Bryant S.Ed.
Michigan Law Review
Defendant, in payment for goods purchased, drew two checks payable to W which W indorsed "pay to order of plaintiff bank for deposit only" and deposited with plaintiff. Plaintiff credited W's account with the amount of the checks, which sum was immediately withdrawn. Defendant then stopped payment of the checks as W failed to deliver the goods purchased; and, since W was bankrupt, plaintiff sought to recover the amount of the checks from defendant. Defendant sought to assert a defense which was good against W, on the theory that plaintiff, as restrictive indorsee, was merely a trustee for …
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 - Consideration - Burden Of Proof When Holder Not A Holder In Due Course, Robert Meisenholder
Bills And Notes - Consideration - Burden Of Proof When Holder Not A Holder In Due Course, Robert Meisenholder
Michigan Law Review
Plaintiff, a maid and housekeeper for the decedent, sued the decedent's estate as payee of two checks signed by the decedent and dishonored by the drawee bank. In support of the defense of lack of consideration, the estate introduced evidence that plaintiff had been paid by the estate for her services to the decedent, and that plaintiff's daughter had told the bank's cashier that the checks had been given to her mother by decedent to be cashed when it became certain that decedent would not live. There was no other evidence. Held, the trial court properly directed a verdict …
Bills And Notes - Effect Of Endorsement "For Deposit'' - Liability Of Later Intermeddlers, Robert Meisenholder
Bills And Notes - Effect Of Endorsement "For Deposit'' - Liability Of Later Intermeddlers, Robert Meisenholder
Michigan Law Review
Plaintiff's evidence indicated that as payee of a check she endorsed it "for deposit Lena Soma" and gave it to one Handrulis for safekeeping. On the pretense that the check was his, he gave it to Sarah Alkoff, who endorsed it in blank and deposited it at the Globe bank. The Globe bank in turn sent it through the Federal Reserve Bank for collection to the drawee bank, which paid the check. The amount of the check credited to Sarah Alkoff was paid out by the Globe bank on her checks to Handrulis. The suit for diversion of the check …
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.