Question

Raye Walker was a bookkeeper for O.K. Moving & Storage Company. She opened a checking account in her name at Elgin National Bank. She then took checks that were made payable to O.K. Moving & Storage, indorsed them "For Deposit Only, O.K. Moving & Storage Co., 80 Carson Drive, N.E., Fort Walton, Florida," and deposited them in her individual account at Elgin National Bank. In a period of one year, she deposited, and Elgin Bank accepted for deposit to her account, checks totaling $19,356.01. When O.K. Moving & Storage discovered this, it sued Elgin Bank for $19,356.01 for conversion of its checks. Should Elgin Bank have permitted the checks restrictively indorsed "For Deposit Only" to a corporation's account to be deposited to an individual account?



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  • CreatedJuly 16, 2014
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