ACCEPTANCE:

Acceptance of offer of sale mailed by A. to owners of land held to be a completed contract so as to entitle a broker to his commission, although A. induced postmaster to return letter to A. undelivered. 125a.

Certain order for payment of money

held to be non-negotiable, and its retention by the drawee held not to constitute acceptance. No. 679, p. 378.

The rule that acceptance by letter of an offier to sell property creates a binding contract when the letter is deposited in the post office, - held to apply only when the offer to sell comes by mail. 225a, No. 693, p. 454. Certain guaranty held to require notice of acceptance: Rule on this point as established in the U. S. Supreme Courrt. 72a.

Certain order held to be a draft on a special fund, and an acceptance thereof not to bind the acceptor beyond that fund. 67a, No. 634, p. 159.

Statement that a party wall was fireproof, when it was not, made by an agent with authority to make lease, - held to make landlord liable for tenant's loss by fire. 149a, No. 653,

p. 257.

An agent who has authority to sell the principal's property at a given price, and does sell at that price, - held liable to the principal for damages in not reporting a better offer made for the property. No. 655, p. 267. Broker who accepted from the cashier of a bank, for the purposes of speculation, certain drafts drawn by the cashier's bank, either signed by the cashier or drawn payable to his order, held, that the broker took the drafts

AGENCY- Continued:

with notice that the agent was using
the funds of his principal for the
agent's personal use. 20a, No. 631,
p. 88.

Drummer selling by sample, held to
have authority to warrant the goods.
Ordinarily, sales by a drummer would
be governed by the law of the State
where his house was located. Drum-
mer's authority to sell would not be
apparent authority to collect. 226a,
No. 696, p. 464.

A superintendent of a manufacturing
corporation held not to have power
to vary the terms of a certain con-
tract for the construction of a ma-
chine. Rule as to contract that a
machine will work satisfactorily.
219a, No. 674, p. 353.
Where a husband deposited money, be-
longing to his wife, in her name, in
a bank, he stating that he would sign
checks, - held that this would not
protect the bank in paying his checks
without authority from the wife.

214a.

-

A superintendent of a paper mill, who
had charge of the manufacturing and
who often sold goods on the road and
collected accounts, - held to be with-
out authority to indorse and transfer
a check taken in payment of a col-
lected account. 55a, No. 626, p. 101.
Where the bookkeeper in charge of a cor-
poration's bank account forged checks,
which the bank paid, and destroyed
such checks and the evidence thereof
when the pass book was balanced and
the vouchers returned, held, that
the bank was liable for the loss. 63a,
No. 630, p. 136.

Liability of bank for fraudulent acts of
its cashier in withdrawing funds which
were the property of the partner of
the cashier. 67a, No. 633, p. 152.
Agents in charge of buildings held liable
to tenant who was injured by failure
to properly keep a veranda in a safe
condition. 69a, No. 637, p. 167.

ASSIGNMENT:

Certain assignment of mortgage held
void as a gift. 71a.

The rule in Illinois that a check ope-
rates pro tanto, as an assignment to
the holder of the check,- disre-
garded by the United States courts
sitting in Illinois. 205a.

BANKRUPTCY:

Certain payments held, on appeal, not
to constitute a preierence. No. 691,

P. 445.

Recovery of penalty for taking usury
said to pass to a trustee in bankruptcy,
and if not enforced by him will sur-
vive for the benefit of the bankrupt.
229a.

-

An indorser of a bankrupt's note who
has taken it up at the bank, held to
be compelled to surrender any prefer-
ential payments, on other notes of the
same series, received by the bank
within four months of bankruptcy,
before he can perfect his claim. 224a,
No. 676, p. 368.

Where a bank held a bankrupt's note for
$25,000 which was indorsed, and also
his $35,000 unindorsed note, and the
bankrupt paid $14,600 on the indorsed
note within four months of his be-
coming a bankrupt, and the indorsers
paid the balance, held that the bank
could not file its claim on the $35,000
note, nor the indorser their claim for
the amount they had paid, until the
$14,600 was returned. Ioa, Nos. 609-
610, pp. 609-633.

BILL OF LADING:

Bank which purchases and collects a
draft with bill of lading attached, held
to warrant the goods covered by the
bill of lading. 9a, No. 608, p. 16.
Liability of bank that buys and collects
draft with bill of lading attached,
held not to extend to damages for
breach of contracts between consignor
and consignee outside of the merchan-
dise mentioned in the bill of lading.
65a, No. 631, p. 147.

Held, that the rule that a bank that
bought and collected a draft with a
bill of lading attached warranted the
quality and quantity of goods men-
tioned in the bill of lading, did not
extend to a bank that simply acted as
an agent on collecting the draft: Cer-
tain indorsement held to be notice
that a bank was simply a collecting
agent. 759.

BONA FIDE HOLDER:

Certain stockholder and director in a
corporation held to have right to re-
turn of his non-negotiable notes given
to the corporation for stock it fraud-

BONA FIDE HOLDER -

Continued:
ulently sold him, notwithstanding the
notes were held by innocent purchas-
ers. 69a, No. 638, p. 175.
Chattel mortgage, on property not yet
required, given to secure negotiable
notes, held not to attach to the prop-
erty when subsequently acquired, so
as to protect innocent purchasers of
the notes. 60a, No. 628, p. 117.
A provision in a note providing for ex-
tensions of time of payment, held to
make the note non-negotiable. 124a.
Bonds to be sold at not less than par,"
held that "par" meant principal and
any accrued interest on the coupons.
129a, No. 647, p. 221.

Broker who accepted from the cashier

of a bank, for the purposes of specu-
lation, certain drafts drawn by the
cashier's bank, either signed by the
cashier or drawn payable to his order,
-held that the broker took the drafts
with notice that the agent was using
the funds of his principal for the
agent's personal use. 20a, No. 621,
p. 88.

Discount of note at more than legal rate,

held not to deprive bank of the posi-
tion of bona fide holder. 18a, No. 618,
pp. 70-75.

Duty of prospective purchaser of note
offered by a stranger at a large dis-
count. 23a, No. 625, p. 97.
Where a forger impersonated one J. E.
Jerome, and inducted a telegraph com-
pany to deliver him its check, payable
to the order of J. E. Jerome, and he
fraudulently wrote the name J. E.
Jerome on the back of the check and
induced a merchant to cash the check,
held, that the telegraph company was
liable to the merchant for the amount
of the check. 3a, No. 604. P. 4.
Rule as to liability of maker of note
procured by fraud and passed to a
bona fide purchaser. 78a.

Where the payee of a note was a mem-
ber of an unincorporated banking
firm, held, that his knowledge of in-
firmities in the note of which the firm
became purchasers was notice to the
firm, so that it was not in the position
of a holder in due course. Renewals
of the note did not deprive the maker
of his defenses. 104a.

Bona fide pledgee of state bank stock,
held to hold it free from lien, in favor
of the bank, created by virtue of a
by-law, no notice of such by-law or

BONA FIDE HOLDER - · Continued:

lien appearing on the certificate. 185a.
One who wrote his name on the back of
a note after maturity held as guar-
antor. Bona fide holder of note may
transfer his indefensible title to one
who knew that the maker had good de-
fense to the note. 166a.

Where a negotiable note was before its
maturity indorsed and left in escrow
to be delivered on performance of
condition, and the condition was not
performed and the note delivered to
party to the contract until after the
maturity of the note, - held that the
holder was a holder in due course.
148a.

Note assigned by payee before maturity,
but not indorsed by payee until after
maturity, does not constitute the
holder a holder in due course. 137a.
Where five persons agreed to form a
partnership under the name of A.
B.," and one of them, before the con-
summation of the partnership, drew
his check to the order of "A. B.," and
delivered it to his associates, and the
drawer died before the partnership
was launched, the survivors forming
a partnership under the name of "A.
B." could not properly indorse the
check so as to give a third party the
right of a bona fide holder. 163a, No.
651, p. 242.

Where a negotiable instrument is taken
as collateral to an existing debt,

held, in New York, that the holder is
not a holder for value as against ac-
commodation, the negotiable instru-
ments law not having changed the
rule in that state. 127a, No. 660, p.
280.

Where the president and cashier of a
bank had authority to sign and issue
its certificates of stock, and the presi-
dent signed some certificates in blank
and left them with the cashier, who
fraudulently issued one in his own
name and negotiated it to an innocent
holder, held that the bank was
liable to such holder. No. 682, p. 406.
Power of bank officer to certify his own
check, or to use corporate funds to
pay his own note: Rule as to em-
bezzled currency taken in good faith
in payment of debt of the embezzler.
208a, No. 671, p. 341.

Broker held to have had notice that cer-
tain bonds deposited as margin by a
bank cashier were probably the prop-
erty of the bank, and although the
bonds did not belong to the bank, the
true owner was held entitled to them,
-the latter being allowed to take
advantage of the notice of defect of
title in the cashier, although that no-
tice did not indicate ownership in the
true owner. 230a.

BONA FIDE HOLDER - Continued:
Rights of bona fide purchaser of certifi-
cates of stock which were stolen from
the owner, he having assigned them in
blank and delivered them unsealed to
brokers for safekeeping: Rule dif-

ferent where they are delivered in
sealed package. 202a, No. 670, p. 332.
The position of a corporate indorsement

on a note held to be such as to be no-
tice that it was an accommodation in-
dorsement, and thus presumably void.
199a, No. 667, p. 309.

Position, as bona fide purchaser, under
negotiable instruments law, of one
who purchases check payable to him-
self and applies it on existing debt,
the check having been diverted. Rule
as above when the check is delivered
with amount blank. 198a, No. 666, p.
304.

An agent who has authority to sell the
principal's property at a given price,
and does not sell at that price, - - held
liable to the principal for damages in
not reporting a better offer made for
the property. No. 655, p. 267.
Acceptance of offer of sale mailed by

A. to owners of land, held to be a
completed contract so as to entitled
a broker to his commission, although
A. induced postmaster to return letter
to A. undelivered. 125a.
Broker held entitled to his commissions
on procuring a purchaser able and
willing to buy. Certain acceptance of
proposition held to be unqualified.
No. 642, p. 199.

Certain notes for $3,248.19 were held
void for the reason that $31.25 of the
amount was for broker's services per-
formed in violation of law.
Ioa, No.

611, p. 40.

BROKER Continued:
Broker who accepted from the cashier of
a bank, for the purposes of specula-
tion, certain drafts drawn by the cash-
ier's bank, either signed by the cash-
ier or drawn payable to his order, -
held that the broker took the drafts
with notice that the agent was using
the funds of his principal for the
agent's personal use. 20a, No. 621,
P. 88.
Certain transactions between brokers
and a customer, in which the cus-
tomer deposited margins and ordered
mer deposited margins and ordered
the purchase or sale of certain stocks
which the brokers did actually buy
and sell, but which were not delivered
to the customer, held, by the New
Jersey courts to constitute gaming
transactions, and notes given by the
customer in such transactions void.
44a.

Where a broker was to have a commis-
sion of one per cent. in the event
of the sale of certain property for
$1,400,000, and the broker produced
a customer with whom the owner en-
tered into a contract of sale, depend-
ent on the placing of loans on the
property by the buyer, which loans
were not made, nor the contract car-
ried out: Held, on appeal, that the
broker should have had his commis-
sion. No. 691, p. 440.

Broker held to have had notice that cer-
tain bonds deposited as margin by a
bank cashier were probably the prop-
erty of the bank, and although the
bonds did not belong to the bank, the
true owner was held entitled to them,
- the latter being allowed to take ad-
vantage of the notice of defect of title
in the cashier, although that notice
did not indicate ownership in the true

CERTIFIED CHECK:

Liability of bank on negligently certify-
ing and paying raised check. 139a.
Power of bank officer to certify his own
check, or to use corporate funds to pay
his own note: Rule as to embezzled
currency taken in good faith in pay-
ment of debt of the embezzler. 208a,
No. 671, p. 341.

Certain guaranty, contained in a tele-
gram sent by cashier of one national
bank to another, that a certain draft
drawn on one of its customers would
be paid, held void, as being beyond
the power of a national bank, al-
though the customer had at the time
sufficient funds to his credit to pay the
draft. 195a.

CHATTEL MORTGAGE:

Chattel mortgage, on property not yet
acquired, given to secure negotiable
notes, held not to attach to the prop-
erty when subsequently acquired, so as
to protect innocent purchasers of the
notes. 60a, No. 628, p. 117.
Chattel mortgage executed individually
by members of a firm to secure the
debt of one member, held void as to
creditors for reason that the firm was
allowed to hold the goods and sell
them: Taking possession of the goods
by the mortgagee after the death of
one member of the firm, held ineffect-
ual as against firm creditors. No. 274,

p. 274.

Chattel mortgage held void for reason
of indefinite description of property.

147a.

Certain chattel mortgage held not to
cover after-acquired property, and

211a.

No.

Where payment in cash at a certain
period of certain proceedings is requi-
site to the validity of the proceedings,
payment by uncertified check held to
be void, even if the check is subse-
quently presented and paid.
Check with line drawn through the
blank space for payee's name, held to
be a void instrument. 228a.
Where a husband deposited money be-
longing to his wife in her name in a
bank, he stating that he would sign
checks, held that this would not
protect the bank in paying his checks
without authority from the wife.

Liability of bank in negligently certify-
ing and paying raised check. 139a.
Liability of bank that pays check know-
ing that the drawer is dead. A check
delivered as a gift, which is not pre-
sented until after death of drawer,
works a revocation of the gift. 125a,
No. 646, p. 213.

Rule as to liability of innocent holder
and of the drawee bank that pays
check with forged signature of drawer.
121a, No. 645, p. 205.

Rule as to measure of damages where a
bank wrongfully refuses to pay the
check of a depositor. 11a, No. 612,

P. 44.

Where a forger impersonated one J. E.
Jerome, and induced a telegraph com-
pany to deliver him its check payable
to the order of J. E. Jerome, and he
fraudulently wrote the name J. E.
Jerome on the back of the check and
induced a merchant to cash the check,
held that the telegraph company was
liable to the merchant for the amount
of the check. 3a, No. 604, p. 4.