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LACLEDE BANK V. SCHULER, 120 U. S. 511 (1887)

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U.S. Supreme Court

Laclede Bank v. Schuler, 120 U.S. 511 (1887)

Laclede Bank v. Schuler

Submitted January 7, 1887

Decided March 7, 1887

120 U.S. 511


Without deciding the mooted question whether a check or draft of a person on a bank in which he has deposits operates as an equitable assignment of the fund so on deposit to the holder of the check to the amount of it, it is clear that such check or draft does not bind the fund in the hands of the bank until it has notice of the draft or check by presentation for payment or otherwise.

Until then, other checks drawn afterward may be paid, or other assignments of the fund, or part of it, may secure priority by giving prior notice.

Appeal and cross-appeal from a decree upon a bill in equity filed by Schuler against the Laclede Bank. The case is stated in the opinion of the Court.

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