In Re: Calumet Farm, Inc., Debtor. First National Bank & Trust Co. v. Peter M. Brant and White Birch Farm, Inc.

OPINION

GILMAN, Circuit Judge.

This case arises out of a botched electronic wire transfer from Calumet Farm, Inc. to Peter M. Brant and White Birch Farm, Inc. (collectively, White Birch). On Friday, March 8, 1991, Calumet initiated the wire transfer of $77,301.58 by a payment order to its bank, First National Bank & Trust Company. This amount was calculated by Calumet as a payment of interest on its outstanding debt of over $1 million due to White Birch. When Calumet received written confirmation of the wire transfer from First National on the following Monday, March 11, 1991, it learned that…