Industrial Steel Stamping, Inc v. Erie State Bank

Plaintiff, Industrial Steel Stamping, Inc. (iss), appeals as of right from the trial court’s grant of summary disposition under MCR 2.116(C)(7) in favor of defendant, Erie State Bank. We reverse.

The parties’ dispute stemmed from iss’s discovery that its controller, Debra Carattoni, diverted corporate funds on deposit with defendant to her personal use. Iss’s amended complaint, filed in March, 1981, sought in excess of $300,000 from defendant for its alleged negligence, breach of contract, and breach of statutory warranties in allowing Carattoni to withdraw the corporate funds. Defendant filed…