Mount Vernon Trust Co. v. Federal Reserve Bank

The motion by the defendant to dismiss the complaint upon the ground that the alleged cause of action is barred by the six-year Statute of Limitations is granted and the complaint dismissed accordingly, with costs of the action. The defendant Federal Reserve Bank of New York, in the collection of these checks was acting as an agent for collection [Federal Reserve Board, Regulation J, § 5, subd. (1); Negotiable Instruments Law, § 350-c] and the transaction, coupled with the form of the indorsement, was notice of such fact to the plaintiff, Mount Vernon Trust Company. (Carson v. Federal Reserve…