Iowa Nat. Bank of Ottumwa v. Sherman

Citations

• 19 S.D. 238
• 103 N.W. 19
• 1905 S.D. LEXIS 30

Syllabus

<p>That the president of a bank is the treasurer and a director and stockholder, and the cashier is a stockholder and the secretary, of a corporation which transfers a note to the bank, according to a daily custom existing between the corporation and the bank, which latter discounts the same without inquiry, and places its proceeds to the credit of the- former, against which there is a large overdraft, is ground for the submission to the jury of the question of the bank’s character as a bona fide purchaser of the note, where the only evidence of its good faith in the transaction is given by the president and cashier of the bank, although such .evidence is uncontroverted.</p>