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Dalton & Marberry v. NationsBank

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Employee of bank customer embezzled over $100,000 by exchanging over a period of four and one-half years 93 company checks made payable to the bank for blank cashier's checks or money orders. The Supreme Court of Missouri held that a bank could be liable under the common law duty of inquiry for failing to inquire as to the authority of the employee to exchange the checks and the holder in due course defense under Missouri's version of the Uniform Commercial Code was not available to the bank.

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