Andrews' Bank & Lender Liability Litigation Reporter
April 19, 2001
Uniform Commercial Code
Copyright (c) 2001 Andrews Publications
BANK DID NOT HAVE DUTY TO INFORM OF KITING SCHEME
Frost Nat'l Bank v. Midwest Autohaus
A bank that discovered a check-kiting scheme did not have a duty under the Illinois Uniform Commercial Code to inform a competing institution of the fraud, the Seventh Circuit has ruled. The court based its holding on the fact that the banks did not...