Farmers Dep. N. Bank v. Penn Bank

Citations

• 123 Pa. 283
• 16 A. 761
• 1889 Pa. LEXIS 653

Syllabus

<p>1. A bank obtaining commercial paper as indorsee, whether for collection or as owner, before an assignment by the maker for the benefit of creditors, may set off the amount thereof in a suit brought by the assignee to recover the maker’s balance on deposit.</p> <p>2. In the absence of any defence made by the maker against the payee of the paper, neither the maker nor his assignee has standing to inquire whether the defendant bank held the paper for collection or whether it had become the owner of it for value.</p>