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FID. & DEP. CO. OF MD. v. CHEM. BANK

65 Misc.2d 619 (1970)

Fidelity and Deposit Company of Maryland, Respondent, v. Chemical Bank New York Trust Company, Defendant-Appellant, and Third-Party Plaintiff-Appellant. First National City Bank et al., Third-Party Defendants-Appellants.

Supreme Court, Appellate Term, First Department.

December 16, 1970

Attorney(s) appearing for the Case

Shearman & Sterling (Herman E. Compter and Matthew C. Gruskin of counsel), for First National City Bank, third-party defendant-appellant. Herman, McMahon, George & Herman (William H. George and Harold Weisblatt of counsel), for Valley National Bank of Long Island, third-party defendant-appellant. Hendler & Murray (Arthur Lambert of counsel), for respondent.

Concur — QUINN, J. P., GOLD and MARKOWITZ, JJ.

Per Curiam.

This is an action by plaintiff, as subrogee of Hertz, Neumark & Warner, to recover the proceeds of two checks bearing forged indorsements paid by defendant. Defendant brought a third-party action based upon the guarantee of all prior indorsements. A registered representative of Hertz, Neumark & Warner received a telephone call from a friend referring two individuals who wished to sell certain securities...

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