Wells v. Walker Bank & Trust Co., Inc.

CROCKETT, Chief Justice:

Plaintiff Frank M. Wells, an assignee for the benefit of creditors of Cache Valley Syndicate Trust (CVST), brought an action against defendants Walker Bank & Trust Co. and First Security Bank of Utah, alleging that those banks had negligently honored “altered” checks drawn on the trust account, and seeking damages of about $96,000. The defendant Walker Bank answered, denying any liability. It also filed a third-party complaint against the trustees of CVST, asserting that if Walker Bank were found to be liable, it should be indemnified by the trustees whose employee,…