State of Qatar v. First American Bank of Virginia

MEMORANDUM OPINION

ELLIS, District Judge.

At issue in this sequel to State of Qatar v. First American Bank of Virginia (“Qatar I ”) 1 is the meaning and legal significance of the phrase “for deposit only” following an indorsement on the back of a cheek. More specifically, the question presented is whether a depositary bank complies with the restrictive indorsement “for deposit only” when it deposits a check bearing that restriction into any person’s account, or whether that restriction requires a depositary bank to deposit the' check’s proceeds only into the account of the named payee. For the…