Reference no: EM131045539
J. R. Simplot, Inc. (d/b/a Simplot Soilbuilders) held a security interest in Richard L. Knight's 2011 crops. To protect this security interest, Simplot sent a ‘‘SECURITY INTEREST NOTICE to all potential purchasers of Knight's crops.'' This notice informed the buyers of Simplot's security interest and requested: ‘‘If you purchase or are involved in the sale of these farm products, please include Simplot Soilbuilders on all drafts issued to [Knight].'' In 2011 Knight sold crops to George DeRuyter & Sons Dairy, which paid for the crops with a check in the amount of $32,916.79. George DeRuyter & Sons Dairy made the check payable to the order of ‘‘Rick Knight Simplot Soil Builders.'' Knight indorsed his name and forged the indorsement of Simplot Soilbuilders, and deposited the check into his account at Yakima Federal. Knight also sold crops to Connell Grain Growers in 2011. Connell Grain Growers paid for the crops with two checks, one in the amount of $22,494.73 and the other in the amount of $2,573.99.
Connell Grain Growers made both checks payable to the order of ‘‘Rick Knight Simplot Soil Builders.'' Knight indorsed his name and forged the indorsement of Simplot Soilbuilders, and deposited both checks into his account at Yakima Federal. Simplot Soilbuilders, George DeRuyter & Sons Dairy, and Connell Grain Growers did not maintain accounts at Yakima Federal, and the bank did not have a signature card for any of these businesses. Explain whether the instrument was properly indorsed.
proceeds of $15,640.82, payable to the order of Edmund Jezemski and Paula Jezemski individually and to Edmund as administrator. Paula cashed the check, bearing the purported indorsements of all the payees, at Penns Grove National Bank and Trust Company. Edmund received none of the proceeds, either individually or as administrator. His purported indorsements were forgeries. In the collection process the check was presented to and paid by the
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Connell grain growers made both checks payable
: J. R. Simplot, Inc. (d/b/a Simplot Soilbuilders) held a security interest in Richard L. Knight's 2011 crops. To protect this security interest, Simplot sent a ‘‘SECURITY INTEREST NOTICE to all potential purchasers of Knight's crops.''
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