Henry Billings Brown,
Thompson v. Sioux Falls National Bank…
“ The mere credit of a check upon the books of a bank, which may be canceled at any time, does not make the bank a bona fide purchaser for value. If after such credit, and before payment for value upon the faith thereof, the holder receives notice of the invalidity of the check, he cannot become a bona fide holder by subsequent payment. ”
Henry Billings Brown,
Thompson v. Sioux Falls National Bank…
“ Now, if the county treasurer had no authority to receive anything but coin, treasury notes, national bank notes, or other current money, it is difficult to see what authority the county commissioners had to accept anything less in the settlement of his accounts. If they have the authority to accept checks and other evidences of debt, where does that authority cease? May they not also receive notes, drafts, bonds, or other obligations which in their opinion may then or thereafter be good? As was said in Cawley v. People, 95 Ill. ”
Henry Billings Brown,
Thompson v. Sioux Falls National Bank…
“ They have no power to dispense with the duty, nor can they, without a proper consideration, release sureties from their obligations under the bond. If they were to do so, in fraud of the rights of the people, the act would have no binding effect and would be void. * * * There can be no question that the treasurer could only discharge himself for county funds in his hands by paying to the county, in money, county orders or jury warrants. ”
