Elyria Savings & Banking Co. v. Walker Bin Co.

Citations

• 92 Ohio St. (N.S.) 406

Syllabus

<p>Negotiable instruments — Checks—Bank’s liability to holder — Acceptance or certification — Section 8294, General Code — Forged indorsement — Check stamped \paid\ and drawer's account charged — Not an acceptance — Bank not liable, when.</p> <p>1. By force of the provisions of Seotion 8294, General Code, there is no liability on the part of a bank to the holder of a check unless and until it accepts or certifies the check.</p> <p>2. Where a check is paid by a bank, which is the drawee thereof, on a forged indorsement, and there is stamped upon the check ‘“Paid,” together with the date of the payment and the name of the bank, and the check is charged to the account of the drawer, this is not an acceptance of thé check within the meaning of Section 8294 and does not create a liability against the bank in favor of the true holder or payee.</p>