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Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921 Exercise 16
Negotiable Instruments
Coastal Agricultural Supply, Inc. (Coastal), sold farm and ranch equipment. For 30 years it employed Jimmy Hollaway, including several years as its bookkeeper. Hollaway's duties included receiving checks from customers made payable to Coastal, indorsing them on Coastal's behalf "for deposit only," and depositing them into Coastal's account. Hollaway opened a checking account with JP Morgan Chase Bank, N.A. (Chase) in the name "Jimmy Hollaway DBA Coastal Agricultural Limestone Supply." Hollaway subsequently deposited 964 checks intended for Coastal into this new account. Coastal was only able to recover about 15 percent of the stolen money from Hollaway, so it also sued Chase. Was Chase liable to Coastal for accepting the checks indorsed by Hollaway? [ Coastal Agricultural Supply, Inc. v. JP Morgan Chase Bank, N.A., 759 F.3d 498 (5th Cir.)]
Coastal Agricultural Supply, Inc. (Coastal), sold farm and ranch equipment. For 30 years it employed Jimmy Hollaway, including several years as its bookkeeper. Hollaway's duties included receiving checks from customers made payable to Coastal, indorsing them on Coastal's behalf "for deposit only," and depositing them into Coastal's account. Hollaway opened a checking account with JP Morgan Chase Bank, N.A. (Chase) in the name "Jimmy Hollaway DBA Coastal Agricultural Limestone Supply." Hollaway subsequently deposited 964 checks intended for Coastal into this new account. Coastal was only able to recover about 15 percent of the stolen money from Hollaway, so it also sued Chase. Was Chase liable to Coastal for accepting the checks indorsed by Hollaway? [ Coastal Agricultural Supply, Inc. v. JP Morgan Chase Bank, N.A., 759 F.3d 498 (5th Cir.)]
Explanation
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Forged indorsements:
When a party write...
Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
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