Patriot Bank v. Navy Federal Credit Union
Virginia Circuit Court
47 U.C.C. Rep. Serv. 2d 662, 2002 WL 481129 (2002)
Relevant factsFree
Peeso purchased a cashier's check from Navy Federal (defendant), indorsed it to Nation's Auto, which deposited it with Patriot Bank (plaintiff), added its own account number, and received credit; Navy refused payment claiming improper indorsement, and after Peeso asked Navy to stop payment (which Navy did), Navy issued Peeso a second cashier's check paid directly to Nation's Auto, which deposited it elsewhere, leaving Patriot unable to recover its now-overdrawn credit to the defunct Nation's Auto. Patriot sued Navy for wrongfully dishonoring the first check.
IssueFree
Whether a customer may stop payment on a certified (or cashier's) check.
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