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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 …
Federal Practice -Venue - Plaintiff's Privilege In Respect To Defendant's Counterclaim On An Unrelated Patent
Michigan Law Review
Petitioners brought suit in the federal court for the northern district of Ohio against defendant corporations having regular and established places of business in that district and against two individual defendants resident there alleging infringement of patent rights and asking for injunction, damages, and an accounting. Defendants' answer denied infringement and set up a counterclaim based on a patent granted one of the defendants praying for an injunction against infringement and an accounting. Defendants' counterclaim did not allege that petitioners were inhabitants of the district where the counterclaim was to be tried or that they had regular and established places …
Banks And Banking - Holder Of Draft Paid For By Check On Issuing Bank As Preferred Upon Drawer's Insolvency
Michigan Law Review
A depositor received from his bank in exchange for his check a New York draft drawn by the bank payable to a third person. The draft was dishonored because of the insolvency and closing of drawer. After redemption of the draft the depositor sought to establish a preferred claim therefor against the bank's assets. An Ohio statute declared that when there remains unpaid at the time the bank is closed a check drawn by a depositor which has been presented to the drawee bank "for collection and payment," charged to the depositor's account, and a draft issued in payment thereof, …
Banks And Banking -Trust Companies - Deposit Of Trust Funds By Corporate Trustee In Own Banking Department
Michigan Law Review
The appearance of the corporate fiduciary, the trust company, in the modern banking and business world has, because of its peculiar composite structure, been attended by some confusion in the application to it of certain rules designed for the administration of trusts by private persons as trustees. The trust company maintains a department which acts as trustee, executor under wills, and in such other capacities as a natural fiduciary might assume; and in addition there usually exists, within the same corporate structure, a commercial and savings banking business. Each of these departments is capable of dealing with the other as …