In this case, the pursuers sought restitution for a bill drawn by Baron Mure and Andrew Stewart, and payable to John Baird. According to the pursuers, Baird had agreed to pay the bill’s value into their account at the Thistle Bank. However, Baird indorsed the bill and passed it on to his firm—Simpson, Baird, and Company—for which he received credit on the firm’s books. In turn, Simpson, Baird, and Company remitted the bill to Bogles and Scott of London. Within the month, John Baird; Simpson, Baird, and Company; and Bogles and Scott had all failed. The drawee of the bill, Sir George Colebrooke and Company, also failed. Mure and Stewart sought restitution from Simpson, Baird, and Company, arguing that they had received no value for the bill. However, John Clerk, trustee for the creditors of Simpson, Baird, and Company, argued that Simpson, Baird, and Company were onerous endorsees, entitled to hold the bill.

Locations

Repository & Extent