69 N.W. 49 | N.D. | 1896
The contest before us relates to the rights of the parties to this litigation to two dividends declared by the comptroller of the currency, payable out of the assets of the Lloyds National Bank, which had become insolvent and had been placed
The certificate of deposit issued by the Lloyds National Bank was the property of the intervener. He did not sell it to the Anacortes Bank, but merely intrusted it to such bank as his agent to collect the same and place the amount of such collection to his credit. By indorsing it for collection and credit, he notified the whole world that he had not parted with his title to the paper; that whoever might secure possession of it in the course of its transmission from bank to bank in the process of making the collection, according to the usages of banks, would hold it as his property, and therefore could not treat it as the property of any other person or of any corporation. The authorities are unanimous on this point. Naser v. Bank, 116 N. Y. 492, 22 N. E. Rep. 1077; First Nat. Bank v. Bank of Monroe, 33 Fed. Rep. 408; Bank v. Armstrong, 39 Fed. Rep. 684; Bank v. Hubbell, 117 N. Y. 384, 22 N. E. Rep. 1031; Blaine v. Bourne, 11 R. I. 119; Claflin v. Wilson, 51 Iowa, 15, 50 N. W. Rep. 578; Hoffman v. Bank, 46 N. J. Law, 604; Bank v. Gregg, 79 Pa. St. 384; Bank v. Clark, 23 Minn. 263; First Nat. Bank of Crown Point v. First Nat. Bank of Richmond, 76 Ind. 561; Tyson v. Bank, 77 Md. 412, 26 Atl. 520; Armstrong v. Bank, 90 Ky. 431, 14 S. W. Rep. 411; Freeman’s Nat. Bank v. National Tube-Works Co., (Mass.) 24 N. E. Rep. 779; Sweeny v. Easter, 1 Wall. 166; Manufacturers Nat. Bank v. Continental Bank, 148 Mass. 553, 20 N. E. Rep. 193; Bank v. Hanson, 33 Minn. 40, 21 N. W. Rep. 849; Boykin v. Bank, (N. C.) 24 S. E. 357; Bank v. Armstrong, 148 U. S. 50, 13 Sup. Ct. 533; Old Nat. Bank v. German-American Nat. Bank, 155 U. S. 556, 15 Sup. Ct. 221. The certificate being, to the knowledge of the plaintiff, the property of the intervener, it could not make advances thereon to the Anacortes Bank, or in any manner deal with it except as the property of the intervener. Until it should have collected the same, the relation of principal and agent would exist between it and the intervener. Any advance or credit which it might make prior to- that time would not in any manner prejudice the intervener’s right to it, or to other property in the hands of the
If the history of this case embraced no other facts, we would be obliged to x'ender judgment against the intervener. But at this particular point in the transaction the plaintiff elected to treat all that was done by it after receipt of the St. Paul dx-aft as being done under a miscalculation as to the future payment of such draft, and notified the Anacortes Bank of such election. It charged back the amount of the collection, on the theory that the credit had been provisionally made. See Fletcher v. Osbourne, (Minn.) 57 N. W. Rep. 336; Levi v. Bank, 15 Fed. Cas. 415; Balbach v. Frelinghuysen, 15 Fed. Rep. 675. In this the Anacortes Bank acquiesced, and thereafter, acting upon the demand of the plaintiff that the mistake regarding the collection should be rectified, the intervener surx'endered his certificate of deposit to the Anacortes Bank, artd accepted in lieu thereof a duplicate of
The judgment of the trial court is affirmed.