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National Title Insurance Corp. Agency v. First Union National Bank

Supreme Court of Virginia
559 S.E.2d 668 (2002)


Facts

National Title Insurance Corporation Agency (National) (plaintiff) maintained a checking account with First Union National Bank (the Bank) (defendant). National and the Bank entered into a deposit agreement governing the checking account that required National to notify the Bank of any unauthorized items within 60 days of the mailing date of the earliest statement describing the items. In November 1998, the Bank paid a counterfeit check from National’s account. This check was described in a statement mailed on December 5, 1998. The Bank paid a second counterfeit check from National’s account in December 1998. That check was described in a statement mailed on January 5, 1999. National did not notify the Bank of the unauthorized items within 60 days of the mailing of the statements. The Bank refused to credit National’s account for the unauthorized checks. National sued the Bank, seeking to recover the amount paid on the unauthorized checks. The trial court granted summary judgment to the Bank, and National appealed to the Supreme Court of Virginia.

Rule of Law

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Issue

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Holding and Reasoning (Kisner, J.)

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  • 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.).

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