Canadian Imperial Bank of Commerce v. Federal Reserve Bank

Plaintiff bank, which paid a check drawn upon it by a customer after the check had been altered to increase its apparent face amount from $125.25 to $37,125.25, brings this action to recover the amount of $37,000 which it paid without authorization and which it recredited to the customer’s account. The defendants are the payee of the check, the bank to which the altered check was presented by defendant payee, and the bank which accepted the check from the depository bank *960and in turn presented the check to plaintiff for payment. At the time of presentment to plaintiff, the altered check bore…