Thermo Contracting Corp. v. Bank of New Jersey

I must respectfully dissent from the proposition that a bank which wrongfully converts cheeks must be freed as a matter of law from its responsibility to the payee where the payee has not unequivocally agreed to that relinquishment.

Thermo Contracting Corp. (Thermo), • a general contractor, engaged in business primarily with the federal government. Erequently it would subcontract the entire project, *366limiting its participation to purchases of some of the materials and insurance, and handling administrative details. The subcontractor would supervise the project, furnish all the labor, and…