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COLLINS v. FIRST UNION NAT. BANK

Record No. 052647.

636 S.E.2d 442 (2006)

Ian G. COLLINS, et al. v. FIRST UNION NATIONAL BANK.

Supreme Court of Virginia.

November 3, 2006.

Attorney(s) appearing for the Case

John F. McGinley, Jr., Alexandria (Frank E. Brown, Jr., McLean; B. Scott Wash; McGinley, Elsberg & Hutcheson; Saunders & Brown, on briefs), for appellants.

Grady C. Frank, Jr. (Thomas C. Junker; Jennifer L. Sarvadi; LeClair Ryan, on brief), Alexandria, for appellee.

Present: HASSELL, C.J., LACY, KEENAN, KINSER, and LEMONS, JJ., and CARRICO and RUSSELL, S. JJ.

OPINION BY Senior Justice CHARLES S. RUSSELL.

This appeal presents the question whether a bank is liable to parties designated as beneficiaries of accounts set up for their benefit, using the term "For The Benefit Of ___" (FBO accounts), when the beneficiaries had not contracted with the bank and had no signatory authority over the accounts. The dispositive issues are whether the beneficiaries were "customers" of the bank...

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