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FED. INS. v. GROVELAND BANK

37 N.Y.2d 252 (1975)

Federal Insurance Company, Respondent-Appellant, v. Groveland State Bank, Appellant-Respondent.

Court of Appeals of the State of New York.

Decided June 17, 1975.

Attorney(s) appearing for the Case

Douglas Gates and Edward R. Macomber for appellant-respondent.

Michael T. Tomaino and Peter J. Bush for respondent-appellant.

Chief Judge BREITEL and Judges JASEN, WACHTLER, FUCHSBERG and COOKE concur with Judge GABRIELLI; Judge JONES dissents and votes to affirm in a separate opinion.

GABRIELLI, J.

By assiduously requisitioning checks for issue and adroitly changing entries in the trust department books of the Lincoln First Bank of Rochester, a trust officer, Richard Jaquish, apparently managed to embezzle $333,829.74. Plaintiff, having reimbursed Lincoln under an employees' fidelity bond, seeks to recover this sum, less applicable salvage, from defendant Groveland State Bank, the named payee...

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