Glens Falls Indemnity Co. v. Chase National Bank

The plaintiff sues for the conversion of a check and its proceeds by a trust company whose liabilities have been assumed by the defendant. According to the allegations of the complaint, which we must assume to be true, the check was payable to the order of Adnaloy Realty Corporation and/or the plaintiff herein. It was delivered by the maker to the plaintiff. Thereafter the plaintiff delivered the check to the co-payee, Adnaloy Realty Corporation, with the indorsement upon it, “ Payment approved. Glens Falls Indemnity Company, by Sidney G. Barnett, Attorney.” The president of the Adnaloy…