Ameritrade, Inc. v. First Interstate Bank

OPINION

This is an appeal from an order granting respondent’s motion for partial summary judgment. For the reasons set forth below, we reverse.

Facts

Taken in the light most favorable to appellant, the record indicates the following facts: In February 1985, appellant Ameritrade, Inc. contracted with Stoneridge Securities, Inc. to handle all cashiering functions related to securities transactions for Stoneridge’s customer accounts. To perform these services, Ameritrade opened an account with respondent First Interstate Bank of Nevada. Stoneridge would deposit monies into this account and then…