[DOWNLOAD] "Lowell Co-Operative Bank v. Sheridan" by Supreme Judicial Court of Massachusetts * Book PDF Kindle ePub Free

📘 Read Now     📥 Download

eBook details

• Title: Lowell Co-Operative Bank v. Sheridan
• Author : Supreme Judicial Court of Massachusetts
• Release Date : January 03, 1934
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 70 KB

Description

RUGG, Chief Justice. Allegations of the bill admitted by the answer are these: The plaintiff is a duly organized co-operative bank with its place of business in Lowell. Since November, 1927, the defendant has been the owner of unmatured shares of capital stock of the plaintiff, and has been obligated to pay to it stated dues on such shares on or before the regular monthly meetings of the plaintiff. Those meetings were held on a specified Friday of each month. In May, 1930, the defendant borrowed from the plaintiff $500, executed an agreement termed a share loan note for that amount and, as collateral security, pledged his unmatured shares of stock with stipulations as to interest and repayment. The defendant had repaid $300 on this note prior to the transaction here in question. A regular meeting of the plaintiff was held on the evening of Friday, December 11, 1931, for the receipt of moneys due that month. Late in the afternoon of that day the defendant tendered to the plaintiff in payment of his obligations his check for an amount equal to the balance of his note plus the monthly dues on his unmatured shares. The clerk of the plaintiff to whom this tender was made received the check, caused the note to be perforated with the legend 'Paid 12-11-31' and handed it to the defendant, who retains and refuses to return it to the plaintiff, made the entry in the pass book evidencing the pledged shares 'Paid on loan, $200.00' and made appropriate entries in pass books of payment of dues on the shares of the defendant. Allegations of the bill as to which the defendant pleaded ignorance are these: The plaintiff is a comparatively large co-operative bank. In December, 1931, and for some time prior, payments to it of dues, interest and fines amounted to approximately $75,000 monthly divided into about four thousand small payments substantially all made during the week of the monthly meeting and by far the greater portion on the day of the meeting and the Saturday following. More than one third of these payments were made by check. It was a practical impossibility for the clerical force of the bank to list and deposit each of these checks as received, and for a long time it had been the custom of the plaintiff in the regular course of its business to list on the day following its meeting day all checks received on that and the preceding day and deposit them in one of its local banks of deposit on the evening of that Saturday at or near the close of business that evening. That regular course of business had been followed for years with respect to the monthly checks given by the defendant to the plaintiff. Pursuant to that custom the plaintiff deposited on the evening of Saturday, December 12, in the Union Old Lowell National Bank in Lowell checks to the number of five hundred fifty-five including the check received from the defendant on December 11. The Middlesex National Bank, on which the check of the defendant was drawn, was a national banking association then doing business in Lowell, but it did not belong to the local clearing house. For some time before December, 1931, it had been the habit of the Union Old Lowell National Bank to list after the close of business on each day all checks drawn on the Middlesex National Bank and to present them on the next morning, except that checks received on Saturday evening were listed on Monday and presented on Tuesday morning. Following this custom the check of the defendant here in question was listed on Monday, December 14, 1931, for presentment on Tuesday morning, but at the close of business on the afternoon of that Monday the Middlesex National Bank suspended operations and has not been reopened.

Free PDF Books "Lowell Co-Operative Bank v. Sheridan" Online ePub Kindle