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E. ARMATA v. KOREA COMMERCIAL BANK OF N.Y.

No. 03-7038.

367 F.3d 123 (2004)

E. ARMATA, INC., Finest Fruits, Inc., L & P Fruit Corp. and Ven-Co Produce, Inc., Plaintiffs-Appellants, Top Banana Co., Plaintiff, v. KOREA COMMERCIAL BANK OF NEW YORK, Defendant-Third-Party-Plaintiff-Appellee, David Lee, d/b/a David Lee Produce Service Corp., Defendant, v. Koam Produce, Inc., Leeloi Industries, Inc., Kleinman & Hochbreg, Inc., Krisp-Pak Sales Inc., J & J Produce and DM Rothman Product Co., Inc., Third-Party Defendants.

United States Court of Appeals, Second Circuit.

Decided: March 12, 2004.

Amended: April 29, 2004.

Attorney(s) appearing for the Case

Leonard Kreinces (Howard S. Rosenberg, on the brief), Kreinces & Rosenberg, Westbury, NY, for Plaintiffs-Appellants E. Armata, Inc., Finest Fruits, Inc., L & P Fruit Corp, and Ven-Co Produce, Inc.

Christoph C. Heisenberg, Winston & Strawn, New York, NY, for Defendant-Appellee Korea Commercial Bank of New York.

Before: VAN GRAAFEILAND, McLAUGHLIN and CABRANES, Circuit Judges.

JOSÉ A. CABRANES, Circuit Judge.

The principal question presented by this appeal is whether, under the Perishable Agricultural Commodities Act ("PACA"), 7 U.S.C. § 499a et seq., a bank is liable to the beneficiaries of a PACA trust for receipt of funds in breach of the trust where, having extended revolving overdraft privileges to a produce dealer covered by PACA, the bank routinely applied deposited PACA funds to reduce the negative balance in the...

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