Triffin v. Third Federal Savings Bank

2008 WL 5233796 (2008), 199 N.J. 130 (2009)

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Triffin v. Third Federal Savings Bank

New Jersey Superior Court
2008 WL 5233796 (2008), 199 N.J. 130 (2009)

Facts

Richmond Financial Services, Inc. (Richmond) accepted and cashed five checks written on the account of Veterans of Foreign Wars Post 22 (Veterans) with Third Federal Savings Bank (Third Federal) (defendant). Upon receipt, Richmond deposited the checks into Richmond’s account with Wachovia Bank (Wachovia). Wachovia then presented the checks to the Federal Reserve Bank, Philadelphia (the Fed) for transmission to Third Federal. The Fed sent electronic images of the checks to Third Federal. After payment of the checks, Third Federal learned that the checks had been forged. In response, Third Federal returned to the Fed electronic copies of the checks stamped with notices indicating “returned unpaid” and “other forgery” and a statement that the copy was in lieu of the original. Payment was reversed, and Richmond’s account was debited. Thereafter, Robert Triffin (plaintiff) purchased Richmond’s rights in the dishonored checks. Triffin brought suit against Third Federal to recover the payments, arguing that the copies returned by Third Federal did not meet the statutory requirements for notice of dishonored checks. The trial court found in Third Federal’s favor. Triffin appealed.

Rule of Law

Issue

Holding and Reasoning (Per curiam)

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