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NEW JERSEY STEEL CORP. v. WARBURTON

139 N.J. 536 (1995)

655 A.2d 1382

NEW JERSEY STEEL CORPORATION, A CORPORATION OF THE STATE OF DELAWARE, PLAINTIFF, AND HARTFORD INSURANCE COMPANY, AS SUBROGEE AND/OR ASSIGNEE OF NEW JERSEY STEEL CORPORATION, PLAINTIFF-INTERVENOR-RESPONDENT, v. RUPERT WARBURTON, RITA SINGH WARBURTON, MAPICS, INC., DOING BUSINESS AS MAPICS UNLIMITED, INC., RUPERT WARBURTON, INDIVIDUALLY AND DOING BUSINESS AS MPS, MM SYSTEMS, M. MINIMICRO, MINIMICRO MAPICS, INC. AND MAPICS UNLIMITED, INC., JOHN DOE (A FICTITIOUS NAME) AND ABC CORPORATION (A FICTITIOUS CORPORATION), DEFENDANTS, AND MIDLANTIC NATIONAL BANK, DEFENDANT-APPELLANT.

The Supreme Court of New Jersey.

Decided April 12, 1995.

Attorney(s) appearing for the Case

Gregg S. Sodini argued the cause for appellant (Cuyler, Burk & Matthews, attorneys).

Marc R. Lepelstat argued the cause for respondent (Lambert & Weiss, attorneys).

The opinion of the Court was delivered by GARIBALDI, J.

This appeal concerns the allocation of check-fraud losses under specific provisions of Articles 3 and 4 of the Uniform Commercial Code ("UCC"), adopted in New Jersey as N.J.S.A. 12A:3-406 and N.J.S.A. 12A:4-406. The Court must allocate those losses between a corporation whose negligence allowed the defalcation to occur and a depository-payor bank that accepted checks for deposit without following...

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