Legal Opinion
Underpinning & Foundation Constructors, Inc. v. Chase Manhattan Bank, N.A.
Appellate Division of the Supreme Court of the State of New York
Decided March 23, 1978PublishedCited by 5 opinions
1Opinion of the Court
OPINION OF THE COURT
Yesawich, J.
An employee of plaintiff, Underpinning & Foundation Constructors Inc., falsified invoices from plaintiffs suppliers, stole the checks written to pay these false invoices, restrictively indorsed them to the named payees and then deposited them to his own or confederates’ accounts maintained with, among others, the defendant Bank of New York (BNY). When these checks were presented BNY, despite the restrictive indorsements, accepted them and applied the proceeds thereof to the credit of accounts other than those indicated in the indorsements. Using this scheme,…
2Cases cited5 opinions
- Federal Insurance v. Groveland State BankNew York Court of Appeals · 1975
- Soma v. HandrulisNew York Court of Appeals · 1938
- Trojan Publishing Corp. v. Manufacturers Trust Co.New York Court of Appeals · 1948
- Titan Air Conditioning Corp. v. Chase Manhattan Bank, N. A.Appellate Division of the Supreme Court of the State of New York · 1978
- Low v. Merchants National Bank & Trust Co.Appellate Division of the Supreme Court of the State of New York · 1966
3Cited by5 opinions
- Cairo Coop. Exch v. First Nat'l Bk. of CunninghamCourt of Appeals of Kansas · 1980
- American Home Assurance Co. v. Scarsdale National Bank & Trust Co., New York County Courts1978
- Shube v. ChengNew York Supreme Court · 1993
- Rutherford v. DarwinNew Mexico Court of Appeals · 1980
- Rutherford v. DarwinNew Mexico Court of Appeals · 1980