Can an assignee of a pass book who reads in it the rule against payment without presentation be entitled to claim possession of a deposit?
"New York", United States of America
The following excerpt is from R.H. Macy & Co. v. Tyler, 193 N.Y.S.2d 243, 21 Misc.2d 998 (N.Y. Cty. Ct. 1959):
'* * * An old state decision, Mitchell v. Home Savings Bank, 38 Hun 255, proceeds on the theory that an assignee of a pass book who read in it the rule against payment without presentation was entitled to believe that possession secured to him the deposit though he gave no notice to the bank. That, however, was before the New York statute permitted payment
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