Insurance Co. of North America v. Manufacturers Bank of Southfield, NA

Plaintiffs commenced this action against defendant Manufacturers Bank of South-field, N.A., to recover, as subrogee of the payee, the amount of three checks paid by defendant on forged indorsements. The trial court granted defendant’s motion for accelerated judgment brought pursuant to GCR 1963, 116.1(5), on the ground that plaintiffs’ action was barred by the period of limitation under MCL 600.5805(8); MSA 27A.5805(8). Plaintiffs appeal the trial court’s decision as of right.

Plaintiffs’ complaint alleged that plaintiffs issued fidelity insurance policies to Anchor National Life Insurance…