Spencer v. Sterling Bank

Opinion

VOGEL (Miriam A.), J.

The interesting issue in this case is whether a check indorsed “for deposit only” without further limitation (“X, for deposit only”) can be deposited only into the indorser’s unidentified account or whether it can be deposited into anybody’s account at any bank. In the published portion of this opinion, we explain that this indorsement is both restrictive (the check must be deposited and cannot otherwise be negotiated) and blank (to the extent that it does not identify the person for whose benefit the check must be deposited). “X, for deposit only” is to a deposit…