Markovich v. American Exchange Irving Trust Co.

This is an action brought by the plaintiff, payee of a check, against a defendant, known as the collecting bank.

It has been stipulated that the defendant, American Exchange Irving Trust Company, assumes the liability, if any, of the Pacific Bank, which was the collecting bank.

The complaint is that the defendant collected and paid out the amount of the check on a forged indorsement of the payee’s name. The answer of the defendant is a general denial which was amended at the time of the trial to include a defense of estoppel, due to the plaintiff’s laches in notifying the defendant of such…