Professional Documents
Culture Documents
Alsol
2011-04194
CASE DIGESTS (TRANSFERS)
1. IN RE MARTENS ESTATE
Issue
Facts
Ruling
Conclusion
WON the promissory note can be held as a valid claim against estate.
Decedent, mother of appellant Mabel Martens Bonk, failed to deliver the
promissory note to appellant.
Undelivered promissory note by the decedent is considered incomplete.
Note cannot be used as a valid claim.
Issue
Facts
Ruling
Conclusion
3. YOUNG V HEMBREE
Issue
Facts
Ruling
Conclusion
WON the check is indorsed properly thereby making the plaintiff a holder
in due course.
Hembree issued a check for Horn and Faulkner Oil Trust.
Hembree stopped payment.
Check indorsed to plaintiff, Young, signed Horn and Faulkner by L.H.
Horn
Young tried to cash the check, but was denied twice.
Indorsement must be made in the manner he was designated.
Note was not properly indorsed. Ruled in favor of defendant.
4. BLAKE V WEIDEN
Issue
Facts
Ruling
Application
Conclusion
common.
If there are more than one transferee, indorsees take legal title to their
several shares ad may sue together OR any one or more may sue
provided all are brought in as parties.
First, record shows splitting done by first two parties.
Second, rule against splitting does not forbid the use of part of a claim as
a set-off retaining the rest of later use.
If other parties already used splitting, note can be used for the remaining
value.
5. FAYE V WITTE
Issue
Facts
Ruling
Conclusion
WON indorser is freed from liability when indorsement includes the word
assign all rights and interests
Fay become the holder of the note indorsed by Witte.
Indorsement was written as follows: I hereby assign all my right and
interest in this note to Richard Fay in full.
Words without recourse or any word of similar import must be written in
an indorsement to make it qualified thereby freeing indorser of its
secondary liability.
Witte is still liable.
WON indorser is freed from liability when indorsement includes the word
I transfer my right, title and interest in the same.
Messingrill executed a negotiable promisorry note.
Burke indorsed the same to Copeland with the words I transfer my right,
title and interest in the same.
Words without recourse or any word of similar import must be written in
an indorsement to make it qualified thereby freeing indorser of its
secondary liability.
Burke is still liable.
7. HUSTON V RANKIN
Issue
Facts
Ruling
Conclusion
WON the words for account always denotes assignment and not
negotiation
Brownel indorses the draft for account of Miners National Bank to
White.
Ruling
Conclusion
Ruling
Conclusion
WON the indorsement of the plaintiff makes the bank owner of the note
Leonardi (plaintiff) indorsed a check made to the order of him with the
following text For deposit of Florence Leonardi and John Leonardi to
the Bank of Bay Biscayne.
The bank sent this to defendant, its New York correspondent
Bank of BB was insolvent.
Bank of NY collected the note but claims that it is owner of the proceeds.
Indorsement can be restrictive to constitute indorsee as agent. Sec 36
Although banks normally are collecting agents, the words for deposit
are also restrictive and indicate that the bank of NY was an agent for
collection and not the owner.
Ruling
Conclusion
Ruling
Conclusion
Ruling
Conclusion