Logourl black
From our private database of 14,100+ case briefs...

First National Bank of Chicago v. Standard Bank & Trust

United States Court of Appeals for the Seventh Circuit
172 F.3d 472 (1999)


Facts

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

The rule of law is the black letter law upon which the court rested its decision.

To access this section, please start your free trial or log in.

Issue

The issue section includes the dispositive legal issue in the case phrased as a question.

To access this section, please start your free trial or log in.

Holding and Reasoning (Flaum, J.)

The holding and reasoning section includes:

  • A "yes" or "no" answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

To access this section, please start your free trial or log in.

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.

Here's why 222,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 14,100 briefs, keyed to 189 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.