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AMBASSADOR FINANCIAL SERV., INC. v. INDIANA NAT. BANK

No. 41S04-9212-CV-1026.

605 N.E.2d 746 (1992)

AMBASSADOR FINANCIAL Services, Inc., Appellant (Plaintiff below), v. THE INDIANA NATIONAL BANK AND FIRST UNION NATIONAL BANK, Appellees (Defendants below).

Supreme Court of Indiana.

Rehearing Denied March 24, 1993.

Attorney(s) appearing for the Case

Catherine C. Kennedy, Indianapolis, for appellant.

R.C. Richmond, III, Indianapolis, for appellees.

SHEPARD, Chief Justice.

This case presents an issue of first impression for this Court: whether the "intended payee" defense is available under Indiana law to relieve a bank from its liability for paying a check over the forged endorsement of a payee. We hold that it is available.

Procedural History

Ambassador Financial Services, Inc. ("Ambassador") filed suit against The Indiana National Bank ("INB") and First Union National Bank (f/k/a First...

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