Dr. Graham Wood purchased a cashier’s check in the amount of $ 6,000 from Central Bank of the South (Bank). The check was made pay-able to Ken Walker and was delivered to him. Eleven months later, Bank’s branch manager informed Wood that the cashier’s check was still outstanding. Wood subsequently signed a form, requesting that payment be stopped and a replacement check issued. He also agreed to indemnify Bank for any damages resulting from the issuance of the replacement check. Bank issued a re-placement check to Wood. Seven months later, Walker deposited the original cashier’s check in his bank, which was paid by Bank. Bank requested that Woods repay the bank $ 6,000. When he refused, Bank sued Woods to re-cover this amount. Who wins? Wood v. Central Bank of the South, 435 So. 2d 1287, 1982 Ala. Civ. App. Lexis 1362 (Court of Civil Appeals of Alabama)
Answer to relevant QuestionsLouise Kalbe maintained a checking account at the Pulaski State Bank (Bank) in Wisconsin. Kalbe made out a check for $ 7,260, payable in cash. Thereafter, she misplaced it but did not report the missing check to the bank or ...Mr. Gennone maintained a checking account at Peoples National Bank & Trust Company of Pennsylvania (Bank). Gennone noticed that he was not receiving his bank statements and canceled checks. When Gennone contacted Bank, he ...PSC Metals, Inc. (PSC) entered into an agreement whereby it extended credit to Keystone Consolidated Industries, Inc., and took back a security interest in personal property owned by Keystone. PSC filed a financing statement ...Daniel E. Beren, John M. Elliot, and Edward F. Mannino formed Walnut Street Four, a general partnership, to purchase and renovate an office building in Harrisburg, Pennsylvania. They borrowed more than $ 200,000 from ...As a result of marital problems, Howard R. Bankerd “left for the west,” and Virginia Bankerd, his wife, continued to reside in their jointly owned home. Before his departure, Howard executed a power of attorney to Arthur ...
Post your question