J. Walter Thompson, U.S.A., Inc. v. First BankAmericano

JOSÉ A. CABRANES, Circuit Judge:

This appeal involves the allocation of liability for altered checks outlined in Articles 3 and 4 of the Uniform Commercial Code (“U.C.C.”) 1 and the operation of the check collection system. The U.C.C. allocates liability for a stolen or altered check among the various parties involved in the check collection process. Plaintiff-appellee J. Walter Thompson (“JWT”) is the drawer of the check. Bank of America (“BoA”) is the payor bank and the drawee of the check. The Federal Reserve Bank of Atlanta (“Atlanta Fed”) is a collecting bank and a presenting bank. First…