Legal Opinion
Marine Midland Bank-New York v. Graybar Electric Co.
New York Court of Appeals
Decided May 3, 1977PublishedCited by 72 opinions
1Opinion of the CourtCooke, J.
The issue here is whether a bank is entitled, in the somewhat complex circumstances described, to set off a check payable to its customer, but deposited in an account with the bank, against that customer’s indebtedness to the bank.
Since at least December, 1962, Dynamics Corporation of America had obtained various loans from Marine Midland Bank-New York. In October, 1971, the then outstanding loans were consolidated into a single unsecured loan, evidenced by a promissory note to Marine Midland, which note, at Dynamics’ request, was renewed from time to time when it became due and payable.
In…
2Cases cited13 opinions
- Studley v. Boylston National BankSupreme Court of the United States · 1913
- New York County National Bank v. MasseySupreme Court of the United States · 1904
- American Exchange National Bank v. New York Belting & Packing Co.New York Court of Appeals · 1896
- Citizens' State Bank v. . CowlesNew York Court of Appeals · 1905
- Kelso Co. v. . EllisNew York Court of Appeals · 1918
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3Cited by72 opinions
- People v. JenningsNew York Court of Appeals · 1986
- Cook v. City of BinghamtonNew York Court of Appeals · 1979
- American Insurance Ass'n v. ChuNew York Court of Appeals · 1985
- Schulz v. State of New YorkNew York Court of Appeals · 1994
- Faltynowicz v. Battery Park City Auth. (In re World Trade Ctr. Lower Manhattan Disaster Site Litig.)Court for the Trial of Impeachments and Correction of Errors · 2017
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