Upper Valley Aviation, Inc. v. Mercantile National Bank

STOREY, Justice.

Upper Valley Aviation, Inc. sued Mercantile National Bank to recover a deposit of funds which Mercantile had initially transferred from the account of Upper Valley to that of a third party, McAllen Piper, Inc., and then later offset to pay the third party’s debt to Mercantile. Upper Valley appeals from a summary judgment granted Mercantile. The appeal presents two questions: (1) whether Upper Valley’s suit was barred by limitation and (2) whether an agent’s transfer of his principal’s deposits was within the scope of the agent’s authority. We hold that the two-year statute of…