Legal Opinion · Dissent
Morgan Guaranty Trust Co. v. American Savings & Loan Ass'n
Court of Appeals for the Ninth Circuit
Decided November 26, 1986No. 85-5817Published
1DissentCynthia Holcomb Hall, Circuit Judge
Today a majority of the panel holds that a bank which fails to dishonor notes by the deadline established by the local clearing house rule and which makes payment on the notes to a holder in due course may recover those payments in cases when the Uniform Commercial Code does not specifically refer to the fact situation involved and when a court determines that it is “equitable” to grant relief. I believe that the Code was intended to provide more concrete guidance for those engaging in commercial paper transactions.
I agree that section 1-103 of the Code provides the background for…
2Cases cited11 opinions
- Butner v. United StatesSupreme Court of the United States · 1979
- Ohio v. KovacsSupreme Court of the United States · 1985
- Rock Island Auction Sales, Inc. v. Empire Packing Co.Illinois Supreme Court · 1965
- Perini Corp. v. First National BankCourt of Appeals for the Fifth Circuit · 1977
- In Re Anchorage International Inn, Inc.Court of Appeals for the Ninth Circuit · 1983
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