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AMERICAN STATE BANK v. UNION PLANTERS BANK, N.A.

No. 02-3051.

332 F.3d 533 (2003)

AMERICAN STATE BANK, Plaintiff — Appellee, v. UNION PLANTERS BANK, N.A., Defendant — Appellant.

United States Court of Appeals, Eighth Circuit.

Filed: June 13, 2003.

Attorney(s) appearing for the Case

Daniel T. Williams, argued, Jonesoboro, AR, for appellant.

Robert F. Thompson, III, argued, Paragould, AR, for appellee.

Before HANSEN, Chief Judge, LOKEN and SMITH, Circuit Judges.

LOKEN, Chief Judge.

When one payee indorses a check that is payable jointly to two payees, and a bank pays the indorsing payee without the other's consent, Article 3 of the Arkansas Uniform Commercial Code provides that the bank is liable for conversion to the non-consenting payee. In this situation, "the measure of liability is presumed to be the amount payable on the instrument." ARK. CODE ANN. § 4-3-420(b) (emphasis added). The appeal in this diversity...

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