Blake v. Hamilton Dime Savings Bank Co.

Citations

• 79 Ohio St. (N.S.) 189

Syllabus

<p>Certification of check by bank — Effect-—Equivalent to acceptance— Transfer is assignment of money — Drawer or indorser cannot stop payment — -Bank receives check for deposit — Bona fide holder — Although it has notice check was obtained by fraud.</p> <p>1. The certificate by a bank that a check is good is equivalent to acceptance, and raises an implication that it is drawn upon sufficient funds in the hands of the drawee, that they have been set apart for its satisfaction, and that they shall be so applied whenever the check is presented for payment.</p> <p>2. The transfer of a certified check is an assignment of money to meet it and the bank making the' certification is liable therefor to the holder.</p> <p>3. The object of certifying a check is to enable a holder to use it as money. The drawer or endorser of a certified check cannot, after its delivery, revoke it or stop payment upon it by notice to the drawee not to pay, and a bank that has received a *■ certified check for deposit and has credited the depositor with the amount of it, is a bona Me holder and may enforce payment of it notwithstanding it may, before payment to the depositor, have received notice that the check was fraudulently obtained by the depositor.</p>