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Banking Law Keyed to Malloy, 4th Ed.
Stoutt v. Banco Popular de Puerto Rico
Citation:
320 F.3d 26 (2003)Facts
Palmer Stoutt, president of Rancal companies, sought a $1.5 million loan from Banco Popular, which required U.S. Treasury bills as collateral. To obtain these bills, Stoutt arranged to lease $10 million in Treasury bills from Euro-Atlantic Securities for $300,000 monthly. Stoutt needed to make a good faith deposit of $300,000 to Euro-Atlantic. After being denied a draw on his line of credit, Stoutt deposited a $300,000 check from his newly established Citibank account into his Banco Popular account and immediately transferred the funds to Euro-Atlantic. When Citibank dishonored the check for insufficient funds, Stoutt’s Banco Popular account became overdrawn by $300,000. Stoutt later discovered the Euro-Atlantic transaction was fraudulent. Banco Popular officials concluded Stoutt was engaged in check kiting and filed a criminal referral form with the FBI, leading to Stoutt’s arrest and indictment. After charges were voluntarily dismissed, Stoutt sued Banco Popular for various torts.
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