Bank of Pachuta v. Vossburg Lumber & Novelty Co.

Citations

• 113 Miss. 706
• 74 So. 622

Syllabus

<p>1. Banks and Banking. Collections. Consignments of goods. Liability.</p> <p>Where a bank agreed to pay eighty per cent, of the invoice on consignments of lumber the invoices being assigned to it, and the bank collected the proceeds of the resales of such lumber, by the consignee, in such ease the hank was liable to the consignor for the amount collected on such sales, and could not apply such amounts to its own claims while acting as the agent of the consignor.</p> <p>2. Same.</p> <p>In such case the cashier who acted for the bank and did not personally benefit by the transaction, except as a stockholder of the bank, was not liable.</p>