Standard Bank v. Allegheny Lumber Co.

Citations

• 77 Pa. Super. 222
• 1921 Pa. Super. LEXIS 242

Syllabus

<p>Negotiable instruments — Sight drafts — Discount by drawee bank • — Holder in due course — Foreign attachment — Might of drawee bank to fund.</p> <p>Every holder of a negotiable instrument is deemed prima facie to be a holder in due course, but when it is shown that the title of any person who has negotiated the instrument is defective, the burden is on the holder to prove that he, or some person under whom he claims, acquired the title as holder in due course.</p> <p>A bank which discounts a sight draft and places the proceeds to the credit of a drawer, is a holder in due course for value, and is entitled to the fund subsequently received from the payee of the draft.</p>