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Commercial Law Keyed to Lopucki
McGuire v. Bank One, Louisiana, N.A
Facts
Petitioner agreed to purchase bonds from Timothy P. Looney in the amount of $200,000. She contacted Respondent and requested money be transferred from her investment account into her checking account. She was informed that the transfer would take two or three days. Later that day Petitioner wrote a check for $200,000 to Timothy P. Looney, instructing him to delay cashing it. He did not. The bank received the check and paid it even though it created a large overdraft. Timothy P. Looney then converted the funds for his own benefit. Petitioner argues that a bank’s authority to honor a check creating an unusually large overdraft is discretionary under Section:4-4013(a) and as a matter of policy, this statutory right should be tempered by some standard of due care in compliance with the general usage and customs of the banking industry.
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