Colonna & Co. v. Citibank, N.A.

OPINION OF THE COURT

David Stadtmauer, J.

In this action, the plaintiff seeks to recover an amount in excess of $250,000 from the defendant bank. According to the plaintiff a faithless employee took its corporate seal, prepared an unauthorized certificate of corporate resolution and opened an unauthorized bank account with defendant Citibank in the name of “Colonna and Company, Inc.” This employee allegedly appropriated checks payable to and owned by Colonna, and deposited these instru*79ments into the false account under forged indorsements. The checks were paid by the various drawee (payor)…