White Sands Forest Products, Inc. v. First National Bank of Alamogordo
New Mexico Court of Appeals
50 P.3d 202 (2002)
- Written by Steven Pacht, JD
Facts
White Sands Forest Products, Inc. (White Sands) (plaintiff) sued the First National Bank of Alamogordo (First National) after First National honored more than $400,000 worth of forged checks drawn on White Sands’ account with Key Bank of Portland, Oregon (Key Bank) over an approximately three-year period. Among other things, White Sands asserted a purported negligence claim under § 55-3-406 of New Mexico’s Uniform Commercial Code (UCC). In response, First National argued that § 55-3-406 did not create a statutory cause of action against a bank for failing to exercise ordinary care in paying checks and that, even if § 55-3-406 did create a statutory cause of action, First National was not liable due to various affirmative defenses set forth in § 55-4-406 of New Mexico’s UCC. The district court granted summary judgment to White Sands. First National appealed.
Rule of Law
Issue
Holding and Reasoning (Alarid, J.)
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