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HOME INDEM. CO. v. FIRST NAT. BANK OF WAUKEGAN

No. 80-2206.

659 F.2d 796 (1981)

HOME INDEMNITY CO., Plaintiff-Appellant, v. The FIRST NATIONAL BANK OF WAUKEGAN and Willtrue Loyd, Defendants, The First National Bank of Waukegan, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided September 15, 1981.

Rehearing Denied October 21, 1981.

Attorney(s) appearing for the Case

Cornelius F. Riordan, McNeela & Griffin, Ltd., Chicago, Ill., for plaintiff-appellant.

Stephen R. Swofford, Chicago, Ill., for defendant-appellee.

Before CUMMINGS, Chief Judge, PELL, Circuit Judge, and MARKEY, Chief Judge.

PELL, Circuit Judge.

This case presents an archetypical example of the "forged payee" scenario in which the depository bank and the payor each claim the other is liable for the resulting loss. The undisputed facts as found by the district court are as follows.

Home Indemnity Company (Home) is an insurance company incorporated under the laws of New Hampshire with its principal place of business in New York City. For some time Home has maintained an agreement...

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