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MOURADIAN v. ASTORIA FED SAV

91 N.Y.2d 124 (1997)

689 N.E.2d 1385

667 N.Y.S.2d 340

Pauline Mouradian, Respondent, v. Astoria Federal Savings and Loan et al., Defendants, and Manufacturers Hanover Trust, Appellant.

Court of Appeals of the State of New York.

Decided December 17, 1997.

Attorney(s) appearing for the Case

Simmons, Jannace & Stagg, L. L. P., Mineola (Thomas E. Stagg and Debra Lynne Wabnik of counsel), for appellant.

Grandinette & Serio, P. C., Mineola (Anthony M. Grandinette of counsel), for respondent.

Sullivan & Cromwell, New York City (H. Rodgin Cohen, Bruce E. Clark, Erik D. Lindauer and Timothy E. Di Domenico of counsel), for New York Clearing House Association and another, amici curiae.

Chief Judge KAYE and Judges TITONE, BELLACOSA, SMITH, LEVINE and WESLEY concur.

CIPARICK, J.

We are asked on this appeal to decide whether a drawee bank, sued for conversion under UCC 3-419, is entitled to show that the payee received a benefit from the converted checks and therefore should recover less than their face value. We conclude that while a drawee may claim a setoff for funds actually received by the payee, the rule of absolute liability stated in UCC 3-419 (2) precludes further...

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