Thermo Contracting Corp. v. Bank of New Jersey

The opinion of the court was delivered by

CoiSTFOBD, P. J. A. D.,

Temporarily Assigned. This appeal turns on the question whether plaintiff (“Thermo”) ratified unauthorized indorsements by a subcontractor of checks payable to Thermo for contracting work it did so as to preclude actions by it against the collecting and drawee banks and against the drawer of the checks. The Law Division decided the issue against plaintiff and granted summary judgment against it based on that determination, at the same time dismissing various counterclaims and crossclaims by or between Thermo, the two banks…