Legal Opinion
First National Bank v. Margulies
Appellate Terms of the Supreme Court of New York
Decided April 12, 1962PublishedCited by 2 opinions
1Opinion of the Court
Per Cvriam.
Action by plaintiff bank against the maker of a check, indorsed “ for deposit ”, which the payee deposited in the bank. Without knowing that the instrument had been obtained by fraud and that a stop payment, had been ordered by the maker, the bank paid out all the money accredited to the payee’s account, including the amount of the check in issue.
*333The restrictive indorsement had the legal effect of making the bank the agent of the payee for collection and the payee the owner of the check (Negotiable Instruments Law, § 350-c) until payment (Wolf v. Title Guar. S Trust Co., 251 App.…
2Cases cited7 opinions
- Hall v. Bank of BlasdellNew York Court of Appeals · 1954
- Bath National Bank v. Ely N. Sonnenstrahl, Inc.New York Court of Appeals · 1928
- Freeport Bank of Freeport v. ViemeisterAppellate Division of the Supreme Court of the State of New York · 1929
- Wolf v. Title Guarantee & Trust Co.Appellate Division of the Supreme Court of the State of New York · 1937
- Hegeman v. SwannAppellate Division of the Supreme Court of the State of New York · 1945
2 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Citizens National Bank of Englewood v. Fort Lee Savings & Loan AssociationNew Jersey Superior Court Appellate Division · 1965
- Meadow Brook National Bank v. RogersNassau County District Court · 1964