New York Supreme Court July 27, 1932 (Manufacturers Trust Co. v. Harriman National Bank Trust Co.)

Collins, J.

The plaintiff assails the legal sufficiency of the separate defense. The contest presents the issue as to whether the loss for paying out moneys on an altered and raised check falls upon the collecting bank, which guaranteed the altered indorsement, or upon the depositary bank.

*552The complaint is predicated upon the theory of the guaranteed indorsement.