Laclede Bank v. Schuler

Citations

• 120 U.S. 511
• 7 S. Ct. 644
• 30 L. Ed. 704
• 1887 U.S. LEXIS 1996

Syllabus

<p>Without deciding the mooted question whether a check or draft of a person on a bank in which he has deposits operates as an equitable assignment of the fund so on deposit to the holder cf, the check to the amount of it, it is clear that such check or draft does not bind the fund in tlje hands of the bank until it has notice of the draft or check by presentation for payment, or otherwise.</p> <p>Until then, other checks drawn afterward may be-paid, or other assignments of the fund, or part of it, may secure priority by giving prior notice.</p>