Kryten Iron Works, Inc. v. Ultra-Tech Fabricators, Inc.

The plaintiff Kryten Iron Works, Inc. (hereinafter Kryten) was the sub-subcontractor to Ultra-Tech Fabricators, Inc. (hereinafter Ultra-Tech), on two construction projects in the City of New York. The general contractor, Bethel Construction Corporation, issued two checks on November 18, 1991, each in the sum of $20,000, bearing the notation "Pay to the order of Ultra-Tech & Kryten Iron Works, Inc.” On the same day the checks were issued, Ultra-Tech, by its president, indorsed each of the checks and, without securing Kryten’s indorsement, deposited them in its account with Meridian Bank. The…