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FIRST NAT. BANK OF SOMERSET COUNTY v. MARGULIES

35 Misc.2d 332 (1962)

First National Bank of Somerset County, Appellant, v. Arthur I. Margulies, Doing Business as Hobbs Company, Respondent.

Supreme Court, Appellate Term, First Department.

April 12, 1962

Attorney(s) appearing for the Case

Wormser, Koch, Kiely & Alessandroni (Alden Mesrop of counsel), for appellant. Joseph F. Finkelstein for respondent.

Concur — HOFSTADTER, J. P., GOLD and CAPOZZOLI, JJ.

Per Curiam.

Action by plaintiff bank against the maker of a check, indorsed "for deposit", which the payee deposited in the bank. Without knowing that the instrument had been obtained by fraud and that a stop payment had been ordered by the maker, the bank paid out all the money accredited to the payee's account, including the amount of the check in issue.

The restrictive indorsement had the legal effect of...

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