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ZIRAAT BANKASI v. STD. BANK

84 N.Y.2d 480 (1994)

644 N.E.2d 272

619 N.Y.S.2d 690

T.C. Ziraat Bankasi, Appellant, v. Standard Chartered Bank, Respondent.

Court of Appeals of the State of New York.

Decided December 1, 1994.

Attorney(s) appearing for the Case

Zeichner Ellman & Krause, New York City (Michael T. Sullivan and Mark G. Hanchet of counsel), for appellant.

Otterbourg, Steindler, Houston & Rosen, P. C., New York City (Stanley L. Lane, Jr., and Diane B. Kaplan of counsel), for respondent.

Judges SIMONS, TITONE, BELLACOSA, SMITH, LEVINE and CIPARICK concur.

Chief Judge KAYE.

UCC 7-507 provides that the transferor of a document of title warrants the genuineness of the document except as provided in UCC 7-508, which exempts from this duty a mere "intermediary." Defendant bank, which unknowingly accepted a fraudulent bill of lading as security for a loan and, upon satisfaction of the loan, transferred the document to plaintiff bank, claims that it was entitled to the...

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