McCarthy, Kenney & Reidy v. FIRST NATL. BK. OF BOSTON

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• Code warranty provisions result in loss being allocated to the bank initially paying over the forged indorsement
• “the drafters of the Code and the Legislature intended to eliminate common law negligence actions against the drawee bank in fictitious payee situations”
• definition of good faith in Uniform Commercial Code does not require commercial reasonableness
• ‘The Code has a system for allocating losses arising from forgeries on checks. As a general rule, when a drawer's signature is forged, the drawee bank will bear the loss”

Source: CourtListener parenthetical corpus (CC0).