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eBook details

• Title: Fromer Distributors v. Bankers Trust Company Et Al.
• Author : Supreme Court of New York
• Release Date : January 19, 1971
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 68 KB

Description

While we agree with the determination at Special Term that there are issues of fact between plaintiff and Bankers Trust Company concerning the three smaller checks, we find that no questions of fact exist as to the cause of action based on the check for $13,706.86. Bankers Trust Company failed to dishonor the check before the deadline provided by the Uniform Commercial Code and the Rules of the New York Clearing House (see Uniform Commercial Code, §§ 4-211, 4-213, 4-301). Accordingly, payment became final. Chemical Bank failed to exercise its right to charged back within the time provided by the statute. Consequently it lost that right. Once payment became final, Bankers Trust Company no longer had the right to dishonor the check and it became accountable for the amount thereof to Chemical bank. The latter bank did not have a right to accept the return, nor to charge the amount of the check against plaintiffs account (Uniform Commercial Code, § 4-212). Thus, Bankers Trust Company is accountable to Chemical Bank for the amount of the check, and the latter bank is accountable to plaintiff (see Rock Is. Auction Sales v. Empire packing Co., 32 Ill. 2d 269). As to the three smaller checks, Chemical Bank has no liability to plaintiff. It received those checks in return marked dishonored before the deadline and it charged against plaintiffs account before its deadline (Uniform Commercial Code, § 4-212).

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