Carpenter v. National Shawmut Bank

Citations

• 187 F. 1
• 109 C.C.A. 55
• 1911 U.S. App. LEXIS 4476

Syllabus

<p>1. Banks and Banking (§ 16.1*) — Duty of Bank as Collecting Agent. The ordinary duty of a bank receiving a note for collection extends no further than to make proper demand of payment, and sometimes in case of nonpayment to take such further action as necessary to secure and preserve the liability of all parties, by protest and notice as may be required by the law of its state.</p> <p>(Ed. Note. — For other eases, see Banks and Banking, Cent. Dig. §§ 551-561 ; Dec. Dig. § 161.*]</p> <p>2. Banks and Banking (§ 161*) — Banks as Collecting Agents — Massachusetts Statute.</p> <p>Rev. Laws Mass. e. 73, § 101, which provides that, “where the instrument is made payable at a bank, it is equivalent to an order to the hank to pay the same for the account of the principal debtor thereon,” applies only where the instrument is made payable at a particular bank named, and the fact that a note made payable at “any bank in Boston” was sent for collection to a bank there in which the maker had a deposit when the note matured did not authorize that bank to pay the note from such deposit.</p> <p>[Fd. Note. — For other cases, see Banks and Banking, Dec. Dig. § 161.*]</p> <p>3. Banks and Banking (§ 171*) — Bank as Collecting Agent — Extent oe Agency.</p> <p>The fact that a bank had received in ordinary course notes for collection against a depositor, as to which it had done its full duty by demand and notice, did not affect its right to advise or promote a general assignment by the depositor, or any other action which it might deem to its own interest or to that of general creditors.</p> <p>]Ed. Note. — For other cases, see Banks and Banking, Dee. Dig. § 171.*]</p>