Travelers Indemnity Co. v. Stedman
Facts
At issue is the fact that a person named Stedman drew a number of forged checks. The money belonged to the American Lung Association. However, Stedman appropriated the money for herself to the tune of about $130,000. The American Lung Association had an insurance policy to cover losses of this nature, at least to a degree. To that end, Traveler’s covered the losses of the American Lung Association (Court Listener, 2018).
Issue
The issue in this case is the fact that Travelers (the insurer of the ALA’s funds) could go against Stedman personally for the checks and money that were stolen. Because Travelers lost the money on the insurance payout, they wanted to recover the money from Stedman, as that is the person who stole the funds (Court Listener, 2018).
Decision
Part of the case involved the fact that Merrill Lynch, a co-defendant that faced liability for the funds alongside Stedman, won on some of the checks (Court Listener, 2018).
Reasons
It was generally held that the issuing bank, more than anyone, was responsible for honoring (or not honoring) the checks, even with the ill intentions and behavior of Ms. Stedman. The group two checks were...
References
Court Listener. (2018). Travelers Indem. Co. v. Stedman, 895 F. Supp. 742 – CourtListener.com.
Court Listener. Retrieved 11 February 2018, from https://www.courtlistener.com/opinion/1570449/travelers-indem-co-v-stedman/
FindLaw. (2018). FindLaw's Supreme Court of Illinois case and opinions. FindLaw. Retrieved 11 February 2018, from http://caselaw.findlaw.com/il-supreme-court/1056181.html
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