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PAPEX INTERN. BROKERS v. CHASE MANHATTAN BANK

No. 86-1858.

821 F.2d 883 (1987)

PAPEX INTERNATIONAL BROKERS LTD., a/k/a Les Courtiers Papex International Ltd., Plaintiff, Appellant. v. CHASE MANHATTAN BANK, N.A., Defendant, Appellee.

United States Court of Appeals, First Circuit.

Decided June 29, 1987.

Attorney(s) appearing for the Case

Jorge Souss with whom Ramon E. Dapena and Brown, Newsom & Cordova, Hato Rey, P.R., were on brief for plaintiff, appellant.

Jay A. Garcia-Gregory with whom Julio M. Rodriguez, Madelaine Riefkohl-Gorbea, and Fiddler, Gonzalez & Rodriguez, San Juan, P.R., were on brief for defendant, appellee.

Before COFFIN, Circuit Judge, WISDOM, Senior Circuit Judge, and TORRUELLA, Circuit Judge.

WISDOM, Senior Circuit Judge:

This appeal presents the question whether, under Puerto Rican Law, a payee can sue the collecting bank that accepts and pays checks on the payee's forged indorsement even though the drawer never delivered the checks to the payee. The district court dismissed the suit, holding that Puerto Rico's version of the Negotiable Instruments Law does not provide the payee with a direct action against the collecting bank. We affirm, but on the alternate...

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