CARDAMONE, Circuit Judge:
Involved in this appeal is a narrow but important issue affecting investment law: does a bank servicing shareholders as a transfer agent for a mutual fund have a duty to read and act upon directions written on the memorandum portion of a check? Opinions authored by Judges Holmes, Cardozo, and Hand — whose views we will consider in a moment — have answered in the negative a similar question where a bank acts in its ordinary commercial...
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