Was the bank responsible for paying the forged checks

Assignment Help Management Theories

Reference no: EM131379004

Arthur Woods died holding an annuity payable on his death to his wife, Dorothy. In payment of the annuity, a checking account for $24,900 was established in Dorothy Woods's name. The bank sent the checkbook and account statements to Woods's attorney, who had requested that the account be established for Woods. Six unauthorized checks bearing Dorothy Woods's forged signature were drawn on her checking account. Woods discovered the forgeries a year later when she received the checkbook and bank statements from her attorney.

She notified the bank of the forgeries 15 months after they had been written. Was the bank responsible for paying the forged checks? Why or why not?

Woods v. MONY Legacy Life Insurance Company, 84 N.Y.2d 290 (NY).

Reference no: EM131379004

Questions Cloud

Explore the website for the quality and safety education : Explore the website for the Quality and Safety Education for Nurses (QSEN) initiative - How can the QSEN competencies for nurses be implemented into your workplace or professional nursing setting?

What are depositors duties in bank depositor relationship : What are the bank's duties in the bank-depositor relationship?- What are the depositor's duties in the bank-depositor relationship?

Analyze the effect of the economic condition of the country : Choose one major world economy from the list below. Analyze the effect of the economic condition of the country of your choice on the world in general and specifically how it has affected a country of your choice.

What are the principal features of the check 21 act : What are the principal features of the Check 21 Act?- What consumer protection features are found in the Check 21 Act?

Was the bank responsible for paying the forged checks : She notified the bank of the forgeries 15 months after they had been written. Was the bank responsible for paying the forged checks? Why or why not?

Define the elements of a stop and frisk : Define the elements of a stop and frisk, as well as the requirements of a stop and frisk - Outline the facts and findings of Floyd v. the City of New York.

What are total return and capital gains for discount bond : FIN-534- What are the total return, the current yield, and the capital gains yield for the discount bond in Question #3 at $887.00? At $1,134.20?

Did kelco have a claim against the bank : Later, Kelco discovered that her bank had not stopped payment on the cashier's check and instead had paid it. Did Kelco have a claim against the bank? Explain.

Did the bank violate its duty to stop payment on the check : Thirteen months later, the check turned up, and Granite's bank paid it. Did the bank violate its duty to stop payment on the check? Explain.

User Account

All Pages