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Commercial Law Keyed to Whaley
Corfan Banco Asuncion Paraguy v. Ocean Bank
Citation:
715 So. 2d 967 (1998)Facts
On March 22, 1995, Corfan Bank originated a wire transfer of $72,972 via its intermediary Swiss Bank to the account of its customer, Jorge Alberto Dos Santos Silva (Silva) with Ocean Bank. This wire transfer had an incorrect account number attached to it. Ocean Bank noticed the error and confirmed the correct account number with Silva. Once the account number was confirmed, it accepted the transfer and credited Silva’s account. The next day, Corfan Bank noticed the error and, without checking with either Silva or Ocean Bank, initiated another wire transfer of $72,972. Because the second transfer had the correct account number, it was processed automatically. Several days later, Corfan Bank realized that two transfers had been completed and contacted Ocea Bank, but by then, Silva had withdrawn both transfers from his account. Corfan Bank sued Ocean Bank to recover on the lost funds.
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