Oklahoma National Bank v. Equitable Credit Finance Co.

McINERNEY, Justice:

Oklahoma National Bank brought this action to recover on a check drawn by Equitable Credit Finance Co., a partnership composed of the individual defendants in error and others who also transacted business under the name of Equitable Factors. The check in the amount of $48,787.41 was payable to Goodrich Industries, Inc., and was given to purchase accounts receivable. Goodrich deposited the check in its checking account at Oklahoma National which paid checks against the balance created by the deposit. Equitable stopped payment before the check had been paid by the payor bank,…