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DENN v. FIRST STATE BANK OF SPRING LAKE PARK

No. 51432.

316 N.W.2d 532 (1982)

Edward DENN, d.b.a. Advance Foam of Minnesota, Inc., Appellant, v. FIRST STATE BANK OF SPRING LAKE PARK, defendant and third party plaintiff, Respondent, v. Dennis L. CARLSON, Third Party Defendant.

Supreme Court of Minnesota.

March 5, 1982.

Attorney(s) appearing for the Case

David G. Johnson, Prior Lake, for appellant.

Krass, Meyer & Kanning and Phillip R. Krass, Shakopee, for respondent.

John S. Jackson, Minnesota Bankers Assn., Minneapolis, for amicus curiae.

Heard, considered and decided by the court en banc.

WAHL, Justice.

This appeal raises the issue of whether a depositary bank1 which collected and paid out on two checks bearing forged indorsements is absolved from liability to the payee of the checks under Minn.Stat. § 336.3-419(3) (1980)2 when it acted in good faith and in accordance with reasonable commercial standards. We hold that it is.

The facts are straightforward. Plaintiff Edward Denn,...

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