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ORCO BANK v. PACIFICO

179 A.D.2d 390 (1992)

Orco Bank, N. V., Appellant, v. Proteinas Del Pacifico, S. A., Defendant, and Bhf Securities Corporation, Respondent. (And a Third-Party Action.)

Appellate Division of the Supreme Court of the State of New York, First Department.

January 9, 1992

In April 1988, plaintiff Bank made two loans allegedly in reliance upon a letter of safekeeping by a manager of defendant BHF Securities Corporation to the effect that that firm held $10 million of borrower's US Treasury securities at the disposal of the plaintiff. It later developed that the collateral security had never been held by said defendant. Borrower's president and said defendant's former employee who had authored that letter have been convicted of the Federal crimes...

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