Stuyvesant Credit Union v. Manufacturers Trust Co.

The Stuyvesant Credit Union, plaintiff herein, is a loan association authorized under the Banking Law of the State of New York to make loans to its members.

The complaint alleges that during the years 1924 to 1928, inclusive, 124 checks, totaling 138,382.89, were drawn by the plaintiff against its account with the Standard Bank which later merged with the Manufacturers Trust Company, the defendant herein; that these checks were paid by the drawee bank upon the forged indorsements of the payees named in the checks. The answer interposed by the defendant denied all the material allegations of…