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MARINE MIDLAND v. GRAYBAR

41 N.Y.2d 703 (1977)

Marine Midland Bank-New York, Appellant, v. Graybar Electric Company, Inc., Respondent, and Dynamics Corporation of America, Interpleaded Respondent.

Court of Appeals of the State of New York.

Decided May 3, 1977.

Attorney(s) appearing for the Case

William R. Norfolk, Bruce E. Clark and Richard G. Menaker, New York City, for appellant.

Leonard A. Mentzer and Thomas A. Shaw, Jr., New York City, for respondent.

Abraham Rotwein, New York City, for interpleaded respondent.

Chief Judge BREITEL and Judges JASEN, GABRIELLI, JONES, WACHTLER and FUCHSBERG concur.

COOKE, J.

The issue here is whether a bank is entitled, in the somewhat complex circumstances described, to set off a check payable to its customer, but deposited in an account with the bank, against that customer's indebtedness to the bank.

Since at least December, 1962, Dynamics Corporation of America had obtained various loans from Marine Midland Bank-New...

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