Legal Opinion
Getty Petroleum Corp. v. American Express Travel Related Services Co.
New York Court of Appeals
Decided June 12, 1997PublishedCited by 22 opinions
1Opinion of the Court
OPINION OF THE COURT
Chief Judge Kaye.
Ordinarily, the drawer of a check is not liable on a forged indorsement. An exception to this principle is found in Uniform Commercial Code § 3-405 (1) (b) — the "fictitious payee” rule — which allocates the loss to the drawer if "a person signing as or on behalf of a * * * drawer intends the payee to have no interest in the instrument.” In this case of statutory interpretation, we are asked whether the fictitious payee rule, typically applied to protect banks, can also extend to nonbank depositaries when they accept a check over a forged indorsement. We…
2Cases cited11 opinions
- Underpinning & Foundation Constructors, Inc. v. Chase Manhattan Bank, N.A.New York Court of Appeals · 1979
- Prudential-Bache Securities, Inc. v. Citibank, N. A.New York Court of Appeals · 1989
- Hartford Accident & Indemnity Co. v. American Express Co.New York Court of Appeals · 1989
- Putnam Rolling Ladder Co. v. Manufacturers Hanover Trust Co.New York Court of Appeals · 1989
- Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Chemical BankNew York Court of Appeals · 1982
6 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- Lerner v. Fleet Bank, N.A.Court of Appeals for the Second Circuit · 2006
- Lerner v. Fleet BankCourt of Appeals for the Second Circuit · 2006
- Mouradian v. Astoria Federal Savings & LoanNew York Court of Appeals · 1997
- 2006 Frank Calandra, Jr. Irrevocable Trust v. Signature Bank Corp.District Court, S.D. New York · 2011
- Alzheimer's Foundation of America, Inc. v. Alzheimer's Disease & Related Disorders Ass'nDistrict Court, S.D. New York · 2011
17 more not listed; retrieve them via the Exa API.