Drawer: Stewart Silver Reducing Company by J. Oscar Stewart, President Drawee: Third National Bank Payee: Miners National Bank, Georgetown, Colorado Indorser: S.V. White Indorsee: Thomas W. Phelps Facts: S.V. White protested the draft for nonpayment after Miners National Bank refused to pay him. However, due to the words for account of Miners National Bank of Georgetown, Colorado, in the indorsement of Brownell, the president of Miners National Bank, the Circuit Court ruled that theres no obligation for the bank to pay the draft. Issue: WON Miners National Bank is liable to pay S.V. White Held: Yes. Even though such words put the indorsee as a collecting agent only and not as the owner of the draft, the fact that S.V. White paid for the value of the draft on the thought of buying it. It is also evident that Bronwell thought he was selling the drafts, and that both of them missed the restrictive words of the indorsement.