Triffin v. TD Bank-North, N.A.

The question presented in these consolidated appeals is whether an assignee of the rights and interests in a dishonored check is entitled to enforce the midnight deadline of N.J.S.A 12A:4r-302 against a payor bank, thereby making the bank strictly liable for the check, regardless of whether it was properly payable.

This case arose when the payor banks (TD Banknorth, N.A. and Wachovia Bank, N.A.) 1 dishonored several checks that had been cashed by check-cashing entities. Those banks allegedly returned the checks in violation of the midnight deadline rule, which provides in relevant part:

If an…