United States District Court for the Southern District of Ohio

Name: First National Bank of Cincinnati v. Bates
Author: United States District Court for the Southern District of Ohio

First National Bank of Cincinnati v… (1880)

Summary

“First National Bank of Cincinnati v. Bates”, published in 1880, is a work by United States District Court for the Southern District of Ohio. It explores elements such as warehouse, warehouse receipts and lard.

Quotes from First National Bank of Cincinnati v… (United States District Court for the Southern District of Ohio)

United States District Court for the Southern District of Ohio, First National Bank of Cincinnati v… (1880)

“ If the defendant, Bates, adopted a mode of doing business with Grant by which he gave him warehouse receipts like these in question, and delivered the property without inquiry for or having the receipts returned to him, and did so in this case while the bank held them as collateral for loans made and now due, such a course of business could not be set up as a defence to this action, if the bank had no knowledge of it, or that the property was delivered up to Grant, or would be, and did not assent to it in any way. ”

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Source: Wikisource

United States District Court for the Southern District of Ohio, First National Bank of Cincinnati v… (1880)

“ If the jury find from the evidence in the case that all of the warehouse receipts in controversy were not pledged as general collaterals for general indebtedness of Grant to the plaintiff, but were pledged as special collaterals to secure specific loans, and the loans for which they were pledged have all been paid, then your verdict will be in favor of the defendant ”

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Source: Wikisource

United States District Court for the Southern District of Ohio, First National Bank of Cincinnati v… (1880)

“ That the defendant kept in store large quantities of lard at his warehouse, and, from time to time, issued his warehouse receipts to those for whom he held the property in store; that from long and general usage in commerce and trade such warehouse receipts have now, and for a long time past have had, a well understood import among business men, and heretofore have been and are now extensively used in the city of Cincinnati as a common security in obtaining loans and discounts, and in other dealings with banks and bankers ”

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Source: Wikisource

United States District Court for the Southern District of Ohio, First National Bank of Cincinnati v… (1880)

“ Chief Justice Taney, in delivering the opinion of the court, says: “In the opinion of the court it transferred to him the legal title and constructive possession of the property; and the warehouseman, from the time of this transfer, became his bailee, and held the pork and flour for him; the delivery of the evidence of title and the orders indorsed upon them was equivalent to the delivery of the property itself.” ”

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Source: Wikisource

United States District Court for the Southern District of Ohio, First National Bank of Cincinnati v… (1880)

“ If the custom of pledging such warehouse receipts as collateral upon which to raise money was not known among warehousemen, and said Bates had not notice of any such custom, then he is not bound by it, and it did not prevent said Bates delivering said lard to said Grant, and the transfer of such receipts to the bank was not binding on said Bates. ”

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Source: Wikisource

United States District Court for the Southern District of Ohio, First National Bank of Cincinnati v… (1880)

“ Bates. Given.
7. That the paper called general collateral contemplates future loans and indebtedness, and covers future collateral that may fall under it, where the loan was under such general collateral. Given.
8. That to transfer the title to property held by a warehouseman, and for which he has given a regular warehouse receipt, to a party as collateral security for a loan, by indorsement and delivery of the warehouse receipt, it is not necessary that the party receiving the receipt as such collateral shall give notice of the assignment of such receipt to him. Given. ”

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Source: Wikisource

United States District Court for the Southern District of Ohio, First National Bank of Cincinnati v… (1880)

“ Received in store, from James B. Grant, 150 tierces lard, prime steam lard, weighing this day fifty thousand two hundred and fifty pounds net, (50,250 lbs. net,) which are subject to his order upon the return of this warehouse receipt. ”

United States District Court for the Southern District of Ohio

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Quotes from First National Bank of Cincinnati v… (United States District Court for the Southern District of Ohio)

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