Danning v. Bank of America

Opinion

SWINK, J. *

Introduction

This is an action brought by the trustee in bankruptcy of the estate of a bankrupt corporation against a payor bank for allegedly paying a check without proper authorization and charging the amount thereof against the bankrupt’s account.

Goldstein, Samuelson, Inc. (GSI) was a California corporation engaged in the business of writing and marketing options on internationally traded commodities.

Commopts, Inc. (Commopts) was a California corporation and an agent of GSI for the purpose of selling GSI options on a commission basis.

GSI’s depository was Bank of America…