Legal Opinion
Fair Park National Bank v. Southwestern Investment Co.
Court of Appeals of Texas
Decided September 2, 1976No. 19001PublishedCited by 17 opinions
1Opinion of the Court
GUITTARD, Justice.
The “impostor rule” of the Uniform Commercial Code 1 fixes the loss resulting from the fraud of an impostor on the drawer of a check or draft who delivers it to the impostor rather than on a subsequent holder, regardless of the lack of a genuine endorsement by the nominal payee. This case involves applicability of this rule to a draft delivered to one impostor but payable to two payees. We hold that the impostor rule applies so that the drawer cannot recover against the collecting bank on the ground of the lack of genuineness of the endorsement of either of the joint payees.…
2Cases cited5 opinions
- Aetna Life & Casualty Co. v. Hampton State BankCourt of Appeals of Texas · 1973
- Prudential Ins. Co. v. Marine Nat. Exch. Bk. of MilwaukeeDistrict Court, E.D. Wisconsin · 1974
- Philadelphia Title Insurance v. Fidelity-Philadelphia Trust Co.Supreme Court of Pennsylvania · 1965
- First State Bank of Wichita Falls v. Oak Cliff Savings & Loan Ass'nTexas Supreme Court · 1965
- Covington v. Penn Square National BankCourt of Civil Appeals of Oklahoma · 1976
3Cited by17 opinions
- McAdam v. Dean Witter Reynolds, Inc.Court of Appeals for the Third Circuit · 1990
- Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Chemical BankNew York Court of Appeals · 1982
- E. F. Hutton & Co. v. City National BankCalifornia Court of Appeal · 1983
- ADVOCATE HEALTH AND HOSPITALS CORP. v. Bank One, NAAppellate Court of Illinois · 2004
- Bradford Trust Company of Boston, Cross-Appellee v. Texas American Bank--Houston, Cross-AppellantCourt of Appeals for the Fifth Circuit · 1986
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