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DALY v. ATL. BANK OF NY

201 A.D.2d 128 (1994)

William J. Daly, Appellant-Respondent, v. Atlantic Bank of New York, Respondent-Appellant, et al., Defendants. (And an Interpleader and Third-Party Action.)

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

July 14, 1994

Attorney(s) appearing for the Case

David J. Molton of counsel (Laurie Dolinger with him on the brief; Molton & Moelis, attorneys), for appellant-respondent.

Michael T. Sullivan of counsel (Zeichner Ellman & Krause, and James S. Maxwell, attorneys), for respondent-appellant.

CARRO, J. P., WALLACH, KUPFERMAN and NARDELLI, JJ., concur.

ELLERIN, J.

At issue on this appeal is whether defendant Atlantic Bank of New York (ABNY) wrongfully utilized funds on deposit in two accounts held in the name of third-party defendant Queensboro Management, Inc. (QMI) to offset debts owed to the bank by QMI.

Generally, in the absence of agreement to the contrary, a bank is entitled to apply a deposit to the payment of a debt due it by the depositor...

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