WOODS v. BANK OF NEW YORK

No. 86-7352.

806 F.2d 368 (1986)

Marvin K. WOODS, Plaintiff-Appellee, v. The BANK OF NEW YORK, and the 44 Wall Street Fund, Inc., Defendants-Appellants.

United States Court of Appeals, Second Circuit.

Decided November 26, 1986.


Attorney(s) appearing for the Case

Michael P. Amodio, White Plains, N.Y. (Richard C. Thompson, White Plains, N.Y., of counsel), for defendants-appellants.

Marvin K. Woods, pro se, plaintiff-appellee.

Before FEINBERG, Chief Judge, CARDAMONE, Circuit Judge, and KELLEHER, District Judge.


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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