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MERRILL LYNCH v. DEVON BANK

No. 87-1333.

832 F.2d 1005 (1987)

MERRILL LYNCH, PIERCE, FENNER AND SMITH, INC., Plaintiff-Appellant, v. DEVON BANK, an Illinois banking corporation, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided October 29, 1987.

Attorney(s) appearing for the Case

Peter A. Cantwell, Cantwell & Balonick, Chicago, Ill., for plaintiff-appellant.

Arthur W. Friedman, Miller, Shakman, Nathan & Hamilton, Chicago, Ill., for defendant-appellee.

Before BAUER, Chief Judge, and FLAUM and EASTERBROOK, Circuit Judges.

EASTERBROOK, Circuit Judge.

Manus, Inc., gave the Los Angeles office of Merrill Lynch, Pierce, Fenner & Smith, Inc., a check for $647,250 payable to Merrill Lynch's order. The check was drawn on Devon Bank in Chicago. Merrill Lynch immediately deposited the check with Crocker National Bank in Los Angeles; a clearing house presented the check to Devon for payment at 9:30 a.m. on Wednesday, August 1, 1979. The clearing house and Devon provisionally settled for the...

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