Inn Foods, Inc. v. Equitable Co-operative Bank
United States Court of Appeals for the First Circuit
45 F.3d 594 (1995)
- Written by Rich Walter, JD
Facts
A court awarded a million-dollar judgment against Atlantic Brands, Inc. (Atlantic) in favor of Inn Foods, Inc. (plaintiff). Before Inn Foods could collect on the award, Atlantic’s president, Paget Hodge, endorsed a half-million-dollar check made out to Atlantic and deposited the check in Hodge’s personal account at Equitable Co-operative Bank (Equitable) (defendant). Equitable’s president, uncomfortable with the check’s large amount, asked Atlantic for written proof that it had authorized the deposit. Nine days later, Atlantic passed, and copied Equitable on, a corporate resolution confirming Hodge’s authority to deposit corporate money in his own account. To enforce its judgment against Atlantic, Inn Foods sued Equitable on the theory that Atlantic had a cause of action against Equitable for conversion, and that Inn Foods had a right to press that claim in Inn Foods’ capacity as Atlantic’s judgment creditor. A federal district court entered summary judgment for Equitable. Inn Foods appealed to the First Circuit.
Rule of Law
Issue
Holding and Reasoning (Stahl, J.)
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