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EVRA CORP. v. SWISS BANK CORP.

Nos. 81-1925, 81-1926.

673 F.2d 951 (1982)

EVRA CORPORATION, formerly Hyman-Michaels Company, Plaintiff-Appellee and Counterplaintiff-Appellant, v. SWISS BANK CORPORATION, Defendant-Appellant and Third-Party-Plaintiff-Appellant, v. CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO, Third-Party-Defendant-Appellee and Counterdefendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided March 19, 1982.

Rehearing and Rehearing Denied June 21, 1982.

Attorney(s) appearing for the Case

Jeffrey Barist, White & Case, New York City, John L. Conlon, Hopkins & Sutter, Chicago, Ill., for defendant-appellant and third-party-plaintiff-appellant.

Joel J. Sprayregen, Arron, Schimberg, Hess, Rusnak, Deutsch & Gilbert, Alan N. Salpeter, Mayer, Brown & Platt, Chicago, Ill., for third-party-defendant-appellee and counterdefendant-appellee.

Before SWYGERT, Senior Circuit Judge, and WOOD and POSNER, Circuit Judges.

Rehearing and Rehearing En Banc Denied June 21, 1982.

POSNER, Circuit Judge.

The question — one of first impression — in this diversity case is the extent of a bank's liability for failure to make a transfer of funds when requested by wire to do so. The essential facts are undisputed. In 1972 Hyman-Michaels Company, a large Chicago dealer in scrap metal, entered into a two-year contract to supply steel scrap to a Brazilian corporation. Hyman...

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