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eBook details

• Title: Commissioner Banks v. T. C. Lee & Co.
• Author : Supreme Judicial Court of Massachusetts
• Release Date : January 26, 1935
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 68 KB

Description

RUGG, Chief Justice. Each of these cases is an action of contract against the maker and indorser of a promissory note. The commissioner of banks took possession of the Lowell Trust Company on December 16, 1931, for the purpose of liquidation under the statutes. On that date the defendant T. C. Lee & Company, Inc., had a deposit in the commercial department of the trust company amounting to $2138.72. On that date the trust company in its commercial department was the owner of three notes each indorsed by T. C. Lee & Company, Inc., aggregating $2138.72, and each payable on a date after December 16, 1931. On that date the maker of each of these notes was insolvent and one of them has since been adjudicated a bankrupt. Nothing has been paid on any of the three notes. The fourth action is brought in the name of the Inman Trust Company by the commissioner of banks in possession of that company for purposes of liquidation under the statute on a note for $1000 held in the commercial department against both maker and indorser. The evidence in this case as to the points now in issue was agreed on by counsel before the trial Judge. Frati v. Jannini, 226 Mass. 430, 115 N.E. 746. When that trust company was closed, the maker had a small deposit, and the indorser a deposit in excess of the balance due on the note after deducting the deposit of the maker, in the commercial department. The only difference between this and the other three actions is that in this there is no finding and no evidence as to the solvency or insolvency of the maker of the note. In each action the indorser alone defends and has filed a declaration in set-off for the amount of his deposit.

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