BASEMENT SOLUTIONS LLC v. WELLS FARGO BANK

IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA BASEMENT SOLUTIONS LLC : CIVIL ACTION : v. : NO. 21-104 : WELLS FARGO BANK, NA : MEMORANDUM KEARNEY, J. February 2, 2021 Banks hold deposits from small closely held entities owned by partners who may eventually no longer own part of the closely held entity. The bank’s customer remains the depositor entity relative to its bank account absent a change directed by the depositor. The bank must be careful to avoid getting caught in the middle of an internal dispute between its depositor’s partners. But the bank cannot be…