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COLONIAL PRESS v. BANK OF COMMERCE

71 Misc.2d 987 (1972)

Colonial Press of Miami, Inc., Appellant, v. Bank of Commerce, Respondent.

Supreme Court, Appellate Term, First Department.

October 13, 1972

Attorney(s) appearing for the Case

Steinberg & Wolff (Irving G. Wolff of counsel), for appellant. Arthur L. Webber and Gerald W. Flynn for respondent.

GOLD and STREIT, JJ., concur in Per Curiam opinion; MARKOWITZ, J. P., dissents in memorandum.

Per Curiam.

Judgment debtor is a wholly owned subsidiary of Intergeneral Industries, Inc., which was a customer of respondent bank. Intergeneral's vice-president, Mac Beagleman, who was also vice-president of judgment debtor, was known to the bank. On his indorsement, the bank issued, in exchange for a certified check payable to the order of judgment debtor, its own check payable to the order of Natcontainer Corp...

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