Home > Journals > Michigan Law Review > MLR > Volume 30 > Issue 3 (1932)
Abstract
Plaintiff sued defendant to enforce the collection of two promissory notes which defendant indorsed in blank to X Bank. X Bank indorsed the notes to "Y Bank, as trustee." Y indorsed the notes to plaintiff. All the indorsements were before maturity and for value. Held, on the pleadings, that the order overruling the demurrer to the declaration be sustained. In a concurring opinion, Brown, J., stated that an indorsement to a corporation or person with the words, "as trustee," after the name is not a restrictive indorsement within the meaning of the Uniform Negotiable Instruments Law, sec. 6796, 7, Comp. Gen. Laws (1927). To have that effect, the indorsement must go to the extent of vesting the title in the indorsee "in trust for or to the use of some other person," naming such person. Knight et al. v. Equitable Bank & Trust Co. of Miami, (Fla. 1931) 136 So. 248.
Recommended Citation
BILLS AND NOTES - RESTRICTIVE INDORSEMENT,
30
Mich. L. Rev.
458
(1932).
Available at:
https://repository.law.umich.edu/mlr/vol30/iss3/18