Exchange Nat. Bank of Pittsburgh v. Third Nat. Bank of NY

Citations

• 112 U.S. 276
• 5 S. Ct. 141
• 28 L. Ed. 722
• 1884 U.S. LEXIS 1882

Syllabus

<p>A bank in Pittsburgh sent to a bank in New York, for collection, eleven unac '. cepted drafts, dated at various times through a period of over three months, and payable four months after date. They were drawn on “Walter M. Conger, Sec’y Newark Tea Tray Co., Newark, N. J.,” and were sent to the New York bank as drafts on the Tea Tray Company. The New York bank sent them for collection to a bank in Newark, and, in its letters of transmission, recognized them as drafts on the company. The Newark bank took acceptances from Conger individually, on his refusal to accept as secretary, but no notice of that fact was given to the Pittsburgh bank, until after the first one of the drafts had matured. At that time the drawers and an indorser had become insolvent, the drawers having been in good credit when the Pittsburgh bank discounted the drafts : Held, That the New York bank was liable to the Pittsburgh bank for such damages as it had sustained by the negligence of the Newark bank.</p> <p>The Circuit Court having, on a trial before it without a jury, made a finding of facts which did not cover the issue as to damages, and given a judgment for the defendant, this court, on reversing that judgment, remanded the case for a new trial, being unable to render a judgment for the plaintiff for any specific amount of damages.</p>