Royal Arcanum Hospital Ass'n of Kings County, Inc. v. Herrnkind

The plaintiff is a not-for-profit corporation. By resolution passed at a 1989 meeting, the plaintiff’s Board of Trustees established a requirement that all corporate checks were to be signed by two officers of the corporation. The officers authorized to sign checks were Frank J. Vassallo, Joseph A. Rugilio, and the individual defendant, William Herrnkind. Also in 1989, the plaintiff opened a bank account with a predecessor of the defendant Capital One Bank (hereinafter the Bank). Vassallo, Rugilio, and Herrnkind were named on the signature card as signatories on the account. The signature…