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TPO INCORPORATED v. FEDERAL DEPOSIT INSURANCE CORP.

No. 72-1424.

487 F.2d 131 (1973)

TPO INCORPORATED, Appellee, v. FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver of Eatontown National Bank, Appellant.

United States Court of Appeals, Third Circuit.

Decided June 28, 1973.

Submitted on Rehearing August 24, 1973.

On Rehearing October 31, 1973.

Attorney(s) appearing for the Case

Reavis & McGrath, New York City, Kaufman, Kaufman & Kaufman, Newark, N. J., for appellee; Stephen R. Steinberg, New York City, Samuel Kaufman, Newark, N. J., Paula B. Fenton, New York City, of counsel.

William E. Murane, Gen. Counsel, Myers N. Fisher, Asst. Gen. Counsel, Washington, D. C., Parsons, Canzona, Blair & Warren, Red Bank, N. J., for appellant; John Warren, Jr., Red Bank, N. J., of counsel.

Before WEIS, Circuit Judge, and NEWCOMER, District Judge.

OPINION OF THE COURT

WEIS, Circuit Judge.

Should summary judgment be entered against a bank for refusal to honor its cashier's checks which it claims were obtained by the payee-holder as part of a fraudulent scheme to misapply bank funds? We arrive at a negative answer but only after necessary analysis of the procedural problems involved and the intricacies of negotiable instruments law.

The dispute is one of many spawned by the misapplication of...

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