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DcoleWanna DcoleWanna
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6 years ago
Requirements for HDC Status. Joseph Thomas stole two signed cashier's checks from a loan officer's desk at Chase Lincoln First Bank, N.A. Thomas wrote 200,000 as the amount of one check and 300,000 as the amount of the other, and made them payable to the order of his brother-in-law. Posing as his brother-in-law, Thomas presented the checks to the Tropicana Casino. A casino employee who contacted Chase was told that the 200,000 check was good, that there were adequate funds to cover it, and that there was no stop-payment order on the 300,000 check. Thomas gambled away most of the money before Chase stopped payment on the checks. The owner of the Tropicana, Adamar of New Jersey, Inc, filed a suit in a New York state court against the bank to recover the 500,000. When the court denied Adamar's motion for summary judgment, Adamar appealed. Had Adamar taken the checks in good faith, as required for HDC status? Discuss.
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acuda5acuda5
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