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FIDELITY & DEPOSIT CO. OF MD. v. BANK OF BLADENBORO

No. 78-1221.

596 F.2d 632 (1979)

FIDELITY AND DEPOSIT COMPANY OF MARYLAND, Appellant, v. The BANK OF BLADENBORO, a North Carolina Corporation, Wachovia Bank & Trust Company, N. A., a North Carolina Corporation, the Federal Reserve Bank of Richmond, Virginia, a United States Corporation, the Federal Reserve Bank of Richmond, Virginia, Charlotte, North Carolina Branch, Jerry Richardson and Charles S. Bridger, Appellees.

United States Court of Appeals, Fourth Circuit.

Decided April 20, 1979.

Attorney(s) appearing for the Case

Lonnie B. Williams and Jerry C. Woodell, Wilmington, N. C. (Marshall, Williams, Gorham & Brawley, Wilmington, N. C., on brief), for appellant.

William L, Hill, II, Wilmington, N. C. (Cyrus D. Hogue, Jr., Hogue, Hill, Jones, Nash & Lynch, Wilmington, N. C., on brief), for appellees, The Bank of Bladenboro and Charles I. Bridger.

Karl W. McGhee, Wilmington, N. C. (Stevens, McGhee, Morgan & Lennon, Wilmington, N. C., on brief), for appellee, Wachovia Bank & Trust Company, N. A.

David A. Harlow, Fayetteville, N. C. (Nance, Collier, Singleton, Kirkman & Herndon, Fayetteville, N. C., on brief), for appellee, Jerry Richardson.

James C. Fox, Wilmington, N. C. (Murchison, Fox & Newton, Wilmington, N. C., on brief), for appellees, Federal Reserve Bank of Richmond, Virginia, and Federal Reserve Bank of Richmond, Virginia, Charlotte, North Carolina Branch.

Before WINTER, HALL and PHILLIPS, Circuit Judges.

WINTER, Circuit Judge:

Clarendon Bank & Trust Company (CB&T) recovered from its insurer Fidelity & Deposit Company of Maryland (F&D) losses that CB&T sustained when it permitted its depositor Car Retailers to draw on drafts deposited to its account which were subsequently dishonored because the authority of the agent to draw them had been revoked. Clarendon Bank & Trust v. Fidelity & Deposit...

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