Testimony Taken Before the Senate Committee On Banks And the Senate of the State of New York : in Reference to Charges Preferred By William J. Best, Receiver, Etc., Edward Mallon And John Mack, Against De Witt C. Ellis, Superintendent of the Banking Depar
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In that case, if they were submitted to the attorney, of course, the abstract would remain with him rather than with the bank ? A. I do not know what is the custom. Examination continued : By Mr. Chapman : Q. What is your business ? A. I am a lawyer. Q. Has it come within your observation that, in some cases, the abstract goes to the bank, and in some cases the attorney keeps the abstract ; or have you not had any experience in that ? A. Yes, sir; I have had a great deal. Q. How is that ? A. We... make a good many loans on bonds and mortgages, and, ordinarily, we retain the abstracts in all the cases ; appraisal, abstract, and every thing else. 143 1138 Q. That is retained for future reference ? A. Some clients prefer to have their papers with their counsel. By Senator Schoonmaker : Q. You spoke of private loans ? A. Yes, sir. Q. Is it not frequently the case that abstracts are borrowed by at- torneys from institutions for whom they have made loans ? A. Oh, yes, sir; I suppose that is sometimes done, although some of the larger institutions decline to have them go out of their possession ; there is no particular rule about that.
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