Equitable Life Assurance Society of the United States v. Okey

JAMES DICKSON PHILLIPS, Circuit Judge:

Equitable Life Assurance Society (Equitable) brought U.C.C. conversion and common law negligence claims against First National Bank of South Carolina (First National), based on First National’s acceptance for deposit of checks made payable to Equitable, upon the unauthorized indorsement of Equitable agent Charles Okey. On the same basis, Equitable as*907serted U.C.C. conversion claims against six banks on which the checks were drawn and against Okey and, as subrogee of the drawers’ claims, asserted that the drawee banks were liable for improperly charging the…