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First National Bank of Chicago v. Standard Bank & Trust
United States Court of Appeals for the Seventh Circuit
172 F.3d 472 (1999)
On November 18, 1993, a person deposited checks for around $4,000,000 at First National Bank of Chicago (First National) (plaintiff). The checks were drawn on accounts at Standard Bank & Trust (Standard Bank) (defendant). On the same day, that person also deposited at Standard Bank checks for around $4,000,000 that were drawn on accounts at First National. Both banks presented the checks to each other on November 19. On November 22, the next business day following presentment, First National returned to Standard Bank all of the checks that First National had received. Standard Bank received notice of First National’s actions on November 23 and, that afternoon, sent three bank officers in person to First National’s processing center with the checks that Standard Bank had received. First National refused to credit Standard Bank for the amount of the returned checks. First National sued Standard Bank, seeking a declaratory judgment that Standard Bank had failed to return the checks in a timely manner. Standard Bank counterclaimed for prejudgment interest. The district court entered summary judgment in favor of Standard Bank and awarded prejudgment interest to Standard Bank. Both banks appealed.
Rule of Law
Holding and Reasoning (Flaum, J.)
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