ERNST & CO. v. CHEM. BANK


209 A.D.2d 241 (1994)

618 N.Y.S.2d 705

Ernst & Co., Appellant, v. Chemical Bank, Respondent. (And a Third-Party Action.)

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

November 15, 1994


Plaintiff, a securities brokerage house, holds certain of its customers' securities in its own or a "street" name. The dividends and/or interest earned on such securities are credited periodically to each customer's house account and then disbursed to the customer, if so requested. Disbursements are forwarded by checks, drawn on plaintiff's dividend account at defendant Chemical Bank, which are run monthly from a client computer...

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