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Cable Cast Magazine v. Premier Bank
Court of Appeal of Louisiana
729 So. 2d 1165 (1999)
Cablecast Magazine, published by Telemedia Publications, Inc. (Telemedia) (plaintiff), hired Jennifer Pennington to carry out various administrative duties, including indorsing checks with Cablecast’s stamp and preparing checks for deposit. In 1994, a Telemedia officer learned that Pennington had deposited checks payable to Cablecast, totaling $7,913.04, into her own account at Bank One, Louisiana, National Association (Bank One) (defendant). Pennington admitted to the conduct. Cablecast brought suit against Bank One, claiming that Bank One had violated § 3-307 of the Uniform Commercial Code (UCC) by accepting Pennington’s checks despite knowing that Pennington had breached her fiduciary duties to Cablecast. Bank One argued that, based on UCC §§ 3-405 and 3-406, Telemedia bore the risk of loss. At trial, Pennington testified that she made representations to Bank One that she was, in fact, Cablecast. The trial court found in Telemedia’s favor and awarded Telemedia the amount of the fraudulently indorsed checks. Bank One appealed.
Rule of Law
Holding and Reasoning (Carter, C.J.)
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