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SPRINGFIELD TP. v. MELLON PSFS BANK

889 A.2d 1184 (2005)

SPRINGFIELD TOWNSHIP and Joseph M. Gerber, Edward G. Bell, Jr., Joseph P. Phelps, Jr., Roy D. Hanshaw, James R. Selsor, Michael W. Cassidy and Gary E. Yeager, Donald E. Berger and Thomas Morton, Trustees for the Springfield Pension Plans, Appellees v. MELLON PSFS BANK, Appellant.

Supreme Court of Pennsylvania.

Resubmitted June 17, 2005.

Decided December 30, 2005.

Attorney(s) appearing for the Case

Jonathan J. Bart, Daniel S. Bernheim, Philadelphia, for Mellon PSFS Bank.

Michael D. Kristofco, Blue Bell, for Springfield Tp., et al.

Before CAPPY, C.J., and CASTILLE, NIGRO, NEWMAN, SAYLOR, EAKIN and BAER, JJ.

OPINION

JUSTICE EAKIN.

The sole issue before this Court is whether a bank must have actual knowledge that it is dealing with a fiduciary at the time of a transaction in order for the bank to be entitled to the protections of § 9 of the Uniform Fiduciaries Act (UFA).1 We hold that a bank need not have actual knowledge it is dealing with a fiduciary in order to be protected under § 9 of the UFA, and therefore reverse...

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