Question: Anthony Yee was the president of Waipahu Auto Exchange a
Anthony Yee was the president of Waipahu Auto Exchange, a corporation. As part of his corporate duties, he arranged financing for the company. Federal Services Finance Corp. drew 12 checks payable to the order of Waipahu Auto Exchange. These were then indorsed by its president, “Waipahu Auto Exchange, Limited, by Anthony Yee, President,” and were cashed at two different banks. Bishop National Bank of Hawaii, on which the checks were drawn, charged its depositor, Federal Services, with the amount of the checks. Federal Services then sued Bishop National Bank to restore to its account the amount of the 12 checks on the ground that Bishop National Bank had improperly made payment on the checks because Anthony Yee had no authority to cash them. Did Yee have authority to indorse and cash the checks? [Federal Services Finance Corp. v. Bishop Nat’l Bank of Hawaii, 190 F.2d 442 (9th Cir.)]
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