Question: Perkins a customer of Select Bank had his checkbook containing
Perkins, a customer of Select Bank, had his checkbook containing several checks stolen. The thief wrote a check each week for $ 100 and forged Perkins’s name on each check beginning in April 2005. The thief had no trouble cashing each check, and Select Bank charged each check to Perkins’s account. Perkins, however, did not discover the forgeries until he reconciled the four monthly bank statements for May, June, July, and August all at one time in August 2005. At that time, he discovered sixteen forged checks, each written for $ 100. Perkins then notified the bank immediately of the forgeries and demanded that Select Bank credit his account for the full $ 1,600. The bank refused to do so. Is Perkins entitled to recover from Select Bank on these forgeries?
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