McCarthy, Kenney & Reidy v. FIRST NATL. BK. OF BOSTON

This case concerns the consequences to the parties of the embezzlements of one Mowatt, a former bookkeeper for the plaintiff law firm. Mowatt forged indorsements on checks that had been drawn on the law firm’s checking account at the defendant The First National Bank of Boston (First National Bank) and signed by authorized representatives of the law firm. Mowatt cashed or deposited each check at one of the three banks named as third-party defendants. Each check, with a guarantee of the indorsement by the depositary bank, was then presented for collection to the drawee First National Bank,…