Universal C.I.T. Credit Corp. v. Guaranty Bank & Trust Co.

WYZANSKI, District Judge.

This case, falling within this Court’s diversity jurisdiction, arises under that version of the Negotiable Instruments Law now embodied in Mass. G.L.(Ter.Ed.), c. 107. The only problem of any difficulty is whether under Massachusetts law as it now stands, that is, before the effective date of what is commonly called the Commercial Code, adopted'by c. 765 of the Massachusetts Acts of 1957 effective October 1, 1958, when a bank receives from its depositor a check endorsed without restriction but deposited pursuant to the usual deposit slip wherein the bank agrees merely…