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MICH. NAT'L. BANK v. LIVESTOCK EXCH.

Docket No. 81932, (Calendar No. 7).

432 Mich. 277 (1989)

439 N.W.2d 884

MICHIGAN NATIONAL BANK v. MICHIGAN LIVESTOCK EXCHANGE

Supreme Court of Michigan.

Decided May 1, 1989.

Attorney(s) appearing for the Case

David J. Vigna for the plaintiff.

E. Lawrence Oldfield, Joseph T. Collison, and James T. Malysiak for the defendant.

Amicus Curiae:

Warner, Norcross & Judd (by James H. Breay) for Michigan Bankers Association.

BRICKLEY, J.

In this action for conversion, defendant claims that as a matter of law it is shielded from liability by UCC 7-4041 or, in the alternative, by UCC 9-3072 when read in conjunction with 1 Restatement Torts, 2d, § 233(1). The Court of Appeals entered summary judgment in defendant's favor on the basis of UCC 7-404.

We hold that § 7-404 does not apply to the defendant, and we reject...

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