Pacific Coast Building-Loan Ass'n v. Seaside National Bank

This is an appeal by plaintiff from a judgment rendered in favor of the defendant in an action brought for damages by plaintiff against defendant. Plaintiff’s complaint sets forth two causes of action, one for conversion and the other for money had and received for the plaintiff’s use and benefit. Both causes of action arise from the same transaction and are for the same amount of money.

The dispute in the instant case arises over the way in which a draft was handled. The draft was made payable to G. P. Broughton and was thereafter indorsed by the said Broughton as follows: “Pay to the order of Pacific Coast Loan of Los Angeles—G. P. Broughton.”

The defendant’s answer denied that the plaintiff was the owner or was ever rightfully in possession or at all in possession of this draft, which was of the agreed value of $6,060. It was received by one C. M. North, who was agent for the plaintiff and carried on its business in the city of Long Beach. The court found, upon evidence, “That, as such agent of plaintiff, said C. M. North had ostensible authority to make collections and to pay withdrawals from plaintiff company, including coupons; to receive cash and checks payable to…