Bradford Trust Co. v. Citibank, N. A.

OPINION OF THE COURT

Memorandum.

The order of the Appellate Division should be affirmed, with costs.

Although there are circumstances under which the drawer of a negotiable instrument may have a cause of action against a depositary bank that has paid over a forged but effective indorsement, Special Term correctly determined that the factors urged by plaintiff as establishing that the depositary bank wrongfully paid the instrument are insufficient to invoke that rule of liability. The subject instrument was not paid in a manner inconsistent with any restrictive indorsement (Uniform Commercial…