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Chevy Chase Bank, F.S.B. v. Wachovia Bank, N.A

United States Court of Appeals for the Fourth Circuit
208 F. Appx. 232 (2006)


Young & Rubicam (Y&R) maintained a checking account with Wachovia Bank, N.A. (Wachovia) (defendant). Y&R and Wachovia entered into a positive pay agreement, which involved Y&R informing Wachovia of the date, check number, and dollar amount of each check that Y&R issued. Wachovia then verified this information prior to paying the check. Y&R issued a check for $341,187.45 on July 19, 2002 to Hearst Magazines Division. This check was deposited at Chevy Chase, F.S.B. (Chevy Chase) (plaintiff) with a different payee name. Chevy Chase presented the check to Wachovia for payment, and upon confirming the date, check number, and amount, Wachovia paid the check. Y&R discovered this issue and notified Wachovia, which credited Y&R’s account for the amount of the check. Wachovia had destroyed the check after making a digital copy. Wachovia sought repayment of the check from Chevy Chase based on a breach of presentment warranty. Chevy Chase investigated the circumstances surrounding the check and was unable to determine if the check had been forged or altered. Chevy Chase then filed a declaratory judgment action against Wachovia, seeking a determination that Chevy Chase was not liable for the check. The district court granted summary judgment to Chevy Chase. Wachovia appealed to the United States Court of Appeals for the Fourth Circuit.

Rule of Law


Holding and Reasoning (Shedd, J.)

Dissent (Niemeyer, J.)

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