26 Jun 150 words or less. Please cite any sources
Question
Week 4
9. Allstate Insurance Company issued a check payable to Chuk N. Tang & Rosa C. Tang
HWJT with Bank of America on the second line and the following explanation on the
front of the check: Settlement of our rental dwelling loss caused by fire on 11/ 21/ 93.
The Tangs indorsed the check and forged the indorsement of Bank of America. When
Bank of America objected, the Tangs claimed that only they needed to sign the
instrument for further negotiations. The check was intended as a joint payment for Bank
of America as the mortgagee on the Tangs rental property because the insurance policy
required that the mortgagee be paid first before any proceeds went to the property
owners. Bank of America sued Allstate. Is Bank of America entitled to recover for the
lack of its indorsement? Was its indorsement necessary for further negotiation? [ Bank
of America Natl Trust & Savings Assn v. Allstate Insurance Co., 29 F. Supp. 2d 1129 ( C.
D. Cal.)]
8. Elliot, an officer of Impact Marketing, drew six postdated checks on Impacts account.
The checks were payable to Bell for legal services to be subsequently performed for
Impact. Financial Associates purchased them from Bell and collected on four of the
checks. Payment was stopped on the last two when Bells services were terminated.
Financial argued that it was a holder in due course and had the right to collect on the
checks. Impact claimed that because the checks were postdated and issued for an
executory promise, Financial could not be a holder in due course. Who was correct?
Why? [Financial Associates v. Impact Marketing, 394 N. Y. S. 2d 814]
4. Arthur Odgers died, and his widow, Elizabeth Odgers (Elizabeth Salsman by
remarriage), retained Breslow as the attorney for her husbands estate. She received a
check payable to her drawn on First National City Bank. Breslow told her to deposit it in
her husbands estate. She signed an indorsement Pay to the order of Estate of Arthur J.
Odgers. Breslow deposited this check in his trustee account in National Community
Bank, which collected the amount of the check from the drawee, First City National Bank.
Thereafter, Elizabeth, as administratrix of the estate of Arthur J. Odgers, sued National
Community Bank for collecting this check and crediting Breslows trustee account with
the proceeds. Was National Community Bank liable? Explain. [ Salsman v. National
Community Bank, 246 A. 2d 162 ( N. J. Super.)]
10. John G. Vowell and his wife, now deceased, had a checking account and a savings/
money- market account with Mercantile Bank of Arkansas. In June 1997, Dr. Vowell and
his wife allowed their daughter, Suzan Vowell, now also deceased, and her boyfriend to
move in with them at their home. At that time, they knew that Suzan and her boyfriend
had been involved with drugs, alcohol, writing bad checks, and stealing. They also knew
that Suzan had stolen checks from them in the past and forged either Dr. Vowells or his
wifes signatures. They took precautions by hiding Mrs. Vowells purse, which contained
their checkbook, under the kitchen sink. Beginning in June 1997, Suzan forged Mrs.
Vowells signature on 42 checks, drawn on both accounts, and committed nine
unauthorized ATM withdrawals in the aggregate amount of $ 12,028.75. Suzan found her
mothers purse hidden under the kitchen sink and stole the checkbooks and ATM card
from the purse. She apparently had access to the personal identification number (PIN)
for the accounts because the number was identical to the home security system code.
The Vowells received the following statements from the bank for the checking and
savings accounts:
On September 15, 1997, Dr. Vowell had Mercantile freeze their accounts and begin
investigating the alleged forgeries and other unauthorized transactions pursuant to its
policy. Suzan was arrested subsequently when she tried to use the ATM card again.
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