Problems in Business Law; A Collection of Cases Briefly Summarized for Use in Colleges and Schools of Business - Softcover

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated.1920 Excerpt: ... CHECKS 653. Failure of drawee bank.--At 8 P. M. on Saturday, Aug. 8th, Levy gave his check for $77 to Murphy, drawn on the Murray Hill Bank. Murphy, on Monday, Aug. 10th, gave the check to the Knickerbocker Ice Co. On Tuesday, August 11th, at 11 P. M. the Murray Hill Bank failed. The check was presented on August 12th. Defendant had sufficient funds to meet the check at the time of the bank failure. On Aug. 12th Levy said to Murphy: ' That check will be coming back. Take it up for me and I will pay you." Would Levy be liable on this promise? /' Murphy v. Levy, 23 Misc. 147, 50 N. Y. Supp. £82. 1 654. Smith gave his note to Wise, payable 4 months after August 11th, 1910, at Farmers and Merchants Bank, Watkins, N. Y. Baldwin's bank became holder in due course and before maturity sent the note to the Watkins bank "for collection and remittance." On Dec. 19, 1910, seven days after maturity, Watkins' banks suspended, not having remitted for note. Smith at all times had suffi-. cient funds to meet it. Is Smith liable on this note? 'j'"' Baldwin's Bank v. Smith, 215 N. Y. 76. 655. The Continental Life Insurance Co. drew its check on the U. S. Trust Co. for $7,820.67 and delivered same to Betsy Merrill in California; she was beneficiary upon a policy on the life of A. C. Merrill. The insurance company then had more than $21,000 in the trust company. Before the check was presented, the insurance company failed and the receiver withdrew all the money. Merrill claims a preference on this fund to the extent of $7,820.67 over all other general creditors. Was the check equivalent to an equitable assignment to her out of this special fund, or would she, because of her delay, be obliged to take her place with other general creditors?.' h'.'l.i'i/'-tSa iVu.'/ Atty. Ge...

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