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Commercial Law Keyed to Whaley
Grain Traders, Inc. v. Citibank, N.A.
Citation:
960 F. Supp. 784 (1997)Facts
On December 22, 1994, Grain Traders initiated a funds transfer to effectuate the payment of $310,000 to Claudio Goidanich Kraemer (“Kraemer”). Grain Traders specified that the transfer proceed as follows: (1) Grain Trader’s account at BCN was to be debited $310,000; (2) the $310,000 was then to be transferred to BCI at Citibank by way of a debit to BCN’s Citibank account and a corresponding credit to BCI’s Citibank account; (3) the $310,000 was in turn to be transferred from BCI to Extrader by way of an unspecified transaction between BCI and Extrader; (4) the $310,000 was finally to be transferred to Kraemer by way of a credit to his Extrader account. Unfortunately, BCI’s account was on “hold for funds” status with Citibank and it could not complete the transfer to Extrader. Extrader coincidentally became insolvent some time later. Grain Traders brought an action against Citibank seeking a refund of the $310,000 transfer using various statutory remedies, contending that Citibank improperly used the transfer funds as a set-off against debt owed to Citibank by BCI.
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