People’s Bank v. National Bank
United States Supreme Court
101 U.S. 181 (1879)
- Written by Robert Cane, JD
Facts
Henry Picket owed a debt to Manufacturers’ National Bank of Chicago (Manufacturers’ Bank) (defendant). Picket made 10 promissory notes for $5,000 each and delivered the notes to Manufacturers’ Bank for negotiation with People’s Bank of Belleville (People’s Bank) (plaintiff). In turn, Manufacturers’ Bank was to cancel Picket’s outstanding debt with the proceeds from the notes. M. D. Buchanan, vice president of Manufacturers’ Bank, agreed to this arrangement. Subsequently, Buchanan transmitted the notes to People’s Bank and debited People’s Bank’s account at Manufacturers’ Bank $50,000. Accordingly, Manufacturers’ Bank canceled Picket’s debt owed to it. The notes were never paid in any amount. People’s Bank sued Manufacturers’ Bank to recover the money owed on the notes. The circuit court entered judgment in favor of Manufacturers’ Bank. People’s Bank appealed.
Rule of Law
Issue
Holding and Reasoning (Swayne, J.)
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