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Trustmark Insurance Co. v. Bank One, Arizona, NA
Court of Appeals of Arizona
48 P.3d 485 (Ariz. 2002)
Trustmark Insurance Company (Trustmark) (plaintiff) maintained bank accounts at Bank One, Arizona, NA (Bank One) (defendant). In May 1995, Trustmark set a letter to Bank One. The letter instructed Bank One to: (1) retain a daily balance of $10,000 in the account and (2) automatically transfer funds to another account at the Harris Bank whenever the Bank One account reached a balance of $110,000 or more. Bank One did not honor the request, and Trustmark’s account contained more than $110,000 from September 1996 to December 1997. In December 1997, Bank One notified Trustmark that the account contained $19,230,099.80. All but $10,000 of that money was transferred to the account with Harris Bank. Trustmark sued Bank One under Article 4A of the Uniform Commercial Code (UCC), claiming a loss of more than $500,000 in interest based on Bank One’s failure to transfer the funds. The jury found in favor of Trustmark, and Bank One appealed to the Court of Appeals of Arizona.
Rule of Law
Holding and Reasoning (Gemmill, J.)
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