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Commercial Law Keyed to Zierdt, 1st Ed.
New Randolph Halsted Currency Exchange, Inc. v. Regent Title Insurance Agency, LLC
Citation:
73 UCC Rep. Serv. 2d 341 (2010), 939 N.E.2d 1024 (2010)Facts
Regent Title Insurance Agency served as a settlement agent for real estate transactions. In January 2006, Charae Pearson presented a $29,588.31 check from Regent to New Randolph Currency Exchange. The check contained irregularities: Pearson’s name was misspelled as “CHAREA PAERSON,” the check indicated it was for a “LOAN PAYOFF” while Pearson claimed it was a commission, and Pearson had recently obtained a new state ID. Before cashing the check, New Randolph’s manager called Regent using a phone number in their database, and someone at Regent confirmed the check was valid. New Randolph also contacted American Chartered Bank to verify the account had sufficient funds. Later, police discovered that Tatiana Auson, a Regent employee, had conspired with Pearson to issue fraudulent checks. Regent stopped payment on the check, and New Randolph sued for payment, claiming holder in due course status.
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