Legal Opinion
The Union Bank of Benton, Arkansas v. The First National Bank in Mt. Pleasant, Texas
Court of Appeals for the First Circuit
Decided July 18, 1980No. 78-3342PublishedCited by 20 opinions
1Opinion of the Court
POLITZ, Circuit Judge:
Collapse of a scheme to “float” or “kite” drafts occasions our examination of the Uniform Commercial Code (U.C.C.) which is enacted in Texas as the Tex. Bus. & Com. Code Ann. tit. I (Vernon 1968) (hereinafter “BCC”). We must determine upon whom the mantle of financial responsibility settles. Pursuant to submission on stipulated facts and documentary filings, the district court found that all losses should be borne by The Union Bank of Benton, Arkansas. We affirm in part, reverse in part and remand.
PART I
In the fall of 1975, Bob Barr of Atlanta, Texas, Freddie Newcomb of…
2Cases cited2 opinions
- New Ulm State Bank v. BrownCourt of Appeals of Texas · 1977
- Marcus Wiley, James Tate and James Irby, a Partnership Doing Business as Wiley, Tate & Irby v. The Peoples Bank and Trust CompanyCourt of Appeals for the Fifth Circuit · 1971
3Cited by20 opinions
- Morgan Guaranty Trust Company Of New York v. American Savings And Loan AssociationCourt of Appeals for the Third Circuit · 1986
- Morgan Guaranty Trust Co. v. American Savings & Loan Ass'nCourt of Appeals for the Ninth Circuit · 1986
- Pulaski Bank & Trust Co. v. Texas American Bank/Fort Worth, N.A., Texas Court of Appeals, 5th District (Dallas)1988
- Northpark National Bank v. Bankers Trust Co.District Court, S.D. New York · 1983
- The Union Bank of Benton, Arkansas v. The First National Bank in Mount Pleasant, TexasCourt of Appeals for the First Circuit · 1982
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