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INT. FIREARMS CO. v. KINGSTON TRUST CO.

6 N.Y.2d 406 (1959)

International Firearms Co., Ltd., Appellant, v. Kingston Trust Company, Respondent.

Court of Appeals of the State of New York.

Decided July 8, 1959.

Attorney(s) appearing for the Case

Hugh R. Elwyn for appellant.

George Rusk and Bernard A. Feeney, Jr., for respondent.

Chief Judge CONWAY and Judges DESMOND, DYE, FULD, FROESSEL and BURKE concur.

VAN VOORHIS, J.

This appeal is based on the legal principle that a bank draft bought and paid for is an executed sale of credit, and is not subject to rescission or countermand (Kerr S. S. Co. v. Chartered Bank of India, 292 N.Y. 253; Schweitzer v. Fargo, 255 N.Y. 60; Gravenhorst v. Zimmerman, 236 N.Y. 22; Bobrick v. Second Nat. Bank, 175 App. Div. 550, affd. 224 N.Y. 637). This principle...

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