(DOWNLOAD) "Katz v. Belmont National Bank" by Supreme Court of Illinois * eBook PDF Kindle ePub Free
eBook details
- Title: Katz v. Belmont National Bank
- Author : Supreme Court of Illinois
- Release Date : January 04, 1986
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 66 KB
Description
Arthur Katz, doing business as Montrose Municipal Market, brought this class action suit against defendant, Belmont National Bank. The class action was filed by Katz to recover funds that were deposited in the bank by Controls For Industry, Inc. (CFI). CFI provided payroll services to small businesses like Katz' by receiving and depositing checks from each business into its account at the bank and then issuing paychecks to each of the business' employees. CFI charged a fee for this payroll service. Approximately 136 businesses are alleged to have used CFI's payroll services. In May of 1982, Katz forwarded a check to CFI, which in turn issued paychecks to Katz' employees. When the employees presented the checks for payment, they were dishonored by the bank for insufficient funds. It is alleged that the other members of the class and their employees were treated similarly. CFI filed for bankruptcy, and thereafter the plaintiff brought this suit.