(Download) "Union Bank & Trust Co. v. Security-First National Bank of Los Angeles" by Supreme Court Of California # eBook PDF Kindle ePub Free
eBook details
- Title: Union Bank & Trust Co. v. Security-First National Bank of Los Angeles
- Author : Supreme Court Of California
- Release Date : January 19, 1937
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 78 KB
Description
THE COURT. We granted a hearing and transferred this cause to this court after decision of the District Court of Appeal, Second Appellate District, Division One, because we entertained serious doubt concerning the question of whether the cashiers checks here involved were in truth "bearer paper". There are respectable authorities relied upon by appellant which would sustain their contention to the contrary, but we have concluded that the better reasoning looks to the result reached by the District Court of Appeal. In the first place, it is to be observed that the faithless officer in this case, was one of the cosigners of checks and that he was acting within his authorized capacity when designating the payees of the cashiers checks. Further, the rule discussed which converts what on its face appears to be negotiable instruments payable to a designated person into "bearer paper" is a limitation upon the liability of depositories because otherwise, those who put checks and drafts into circulation would have it in their power by collusive understandings incapable of proof to conduct illegitimate transactions and hold the depository liable upon proof of the forgery of the name of a payee never intended in fact to be a payee. An extended discussion of the case is not necessary by reason of the exhaustive opinion in the Goodyear case (Goodyear Tire & R. Co. v. Wells Fargo Bank etc. Co., 1 Cal. App. (2d) 694 [37 Pac. (2d) 483]) referred to in the opinion of the District Court of Appeal, speaking through Mr. Justice Pro Tempore White, which we adopt as our opinion herein, as follows:
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