MORGAN GUAR. TRUST CO. v. AMERICAN SAV. AND LOAN

No. 85-5817.

804 F.2d 1487 (1986)

MORGAN GUARANTY TRUST COMPANY OF NEW YORK, a New York corporation, Plaintiff-Appellant, v. AMERICAN SAVINGS AND LOAN ASSOCIATION, a California corporation, Defendant-Third Party-Plaintiff-Appellee, and The Chase Manhattan Bank, N.A., Third Party Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided November 26, 1986.


Attorney(s) appearing for the Case

Richard K. Simon, Kadison, Pfaelzer, Woodard, Quinn, & Rossi, Los Angeles, Cal., for plaintiff-appellant.

Richard H. Cooper, Freshman, Mulvaney, Marantz, Comsky, Kahan & Deutsch, Beverly Hills, Cal., Roger A. Ferree, McCutchen, Black, Verleger & Shea, Los Angeles, Cal., for defendant-third party-plaintiff-appellee.

Before FLETCHER, NELSON, and HALL, Circuit Judges.


FLETCHER, Circuit Judge:

Morgan Guaranty Trust Company of New York appeals from the district court's grant of summary judgment in favor of American Savings & Loan Association and Chase Manhattan Bank on Morgan's claims for unjust enrichment, money had and received, and conversion. This appeal centers around a question of first impression: whether a holder-in-due-course is entitled to retain funds mistakenly paid to it on notes presented after the holder has knowledge...

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