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HENNESY EQUIPMENT SALES CO. v. VALLEY NAT. BANK

No. 1 CA-CIV 2485.

25 Ariz. App. 285 (1975)

543 P.2d 123

HENNESY EQUIPMENT SALES CO., an Arizona Corporation, and Hennesy Industrial Equipment Sales Company, an Arizona Corporation, Appellants, v. The VALLEY NATIONAL BANK et al., Appellees.

Court of Appeals of Arizona, Division 1, Department B.

Rehearing Denied January 22, 1976.

Review Denied February 18, 1976.

Attorney(s) appearing for the Case

Cavness & DeRose by Marc C. Cavness, Phoenix, for appellants.

Rawlins, Ellis, Burrus & Kiewit by Chester J. Peterson, Phoenix, for appellees.

OPINION

JACOBSON, Presiding Judge.

We are asked to determine in this appeal whether a suit by an employer against a forger employee precludes a subsequent action against the drawee bank on the grounds of election of remedies.

The operative facts giving rise to summary judgment in favor of appellee, Valley National Bank (Bank) are not in dispute. Between May 1, 1970, and February 19, 1971, the appellants, Hennesy Equipment Sales Co. and Hennesy Industrial...

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