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SYBEDON CORP. v. BANK LEUMI TRUST CO. OF NEW YORK

224 A.D.2d 320 (1996)

638 N.Y.S.2d 50

Sybedon Corporation et al., Appellants, v. Bank Leumi Trust Company of New York, Respondent

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

February 22, 1996

Plaintiffs are precluded by UCC 3-405 (1) (c), the "padded payroll" rule, from recovering against defendant bank on the 16 checks drawn by and made payable to plaintiff Sybedon Corporation and forged by plaintiffs' defalcating employee with Sybedon's indorsement "for deposit only" to plaintiff ZBL Associates' account with defendant, with respect to which the employee had actual authority to withdraw funds and did so. There is no merit to plaintiffs' argument that the rule...

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