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FAIRFAX BANK & TRUST CO. v. CRESTAR BANK

Record No. 930585.

442 S.E.2d 651 (1994)

FAIRFAX BANK & TRUST COMPANY, v. CRESTAR BANK.

Supreme Court of Virginia.

April 15, 1994.

Attorney(s) appearing for the Case

Cynthia A. Foulk, Frank E. Brown, Jr., Alexandria (Mays & Valentine, on brief), for appellant.

C. Thomas Brown, Paulo E. Franco, Jr., Fairfax (Rust, Rust & Silver, on brief), for appellee.

Present: CARRICO, C.J., and COMPTON, STEPHENSON, WHITING, LACY and HASSELL, JJ., and COCHRAN, Retired Justice.

COMPTON, Justice.

In this dispute between banks, we deal with the effect of a check's indorsement, which is restrictive as to the payee, upon the warranties a depositary bank makes to a payor bank in the check collection process.

The basic facts are undisputed. In June 1989, Robert M. Stolldorf applied to appellee Crestar Bank at its Chantilly branch for a loan to purchase a used 1988 Mercedes Benz automobile owned by Chantilly Fleet Service, a sole proprietorship...

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