Now we can add PSI Resources, LLC v. MB Financial Bank (2016 IL App (1st) 152204) to the case canon of decisions that harmonize conflicting statutes of limitations and show how hard it is for a corporate account holder to successfully sue its bank. The plaintiff, an assignee of three related companies**, sued the companies’ …
Tag Archives: Negotiable instrument
UCC Bars Bank Customer Suit Versus Bank For Estranged Husband’s Unauthorized Account Withdrawals
Kaplan v. JPMorgan Chase Bank, NA (2015 WL 2358240 (N.D.Ill. 2015)), starkly illustrates the challenges a bank customer faces when trying to pin liability on a bank that pays out on a fraudulent transaction involving the customer’s account. There, the plaintiff bank customer sued JPMorgan Chase for breach of contract and negligence after the plaintiff’s estranged husband …
Ten-Year Statute of Limitations Applies to Demand Promissory Note: Three-Year ‘SOL’ For Negotiable Instruments Does Not
Advanced Credit, Inc. v. Linares, 2012 IL App (1st) 121574-U is a fairly recent case illustration of what happens when two statutes of limitation with widely varying time lengths potentially govern the same case. The defendant in Linares signed a promissory note in 2002 that was payable to the defendant “upon demand.” The plaintiff payee …