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United States Fidelity and Guaranty Co. v. Federal Reserve Bank of New York

UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT


March 14, 1986

UNITED STATES FIDELITY AND GUARANTY COMPANY AND UNION TRUST COMPANY OF MARYLAND, PLAINTIFFS-APPELLANTS,
v.
THE FEDERAL RESERVE BANK OF NEW YORK, DEFENDANT, THIRD PARTY PLAINTIFF-APPELLEE, V. STATE BANK OF ALBANY, PHILADELPHIA NATIONAL BANK, AND FIRST PENNSYLVANIA BANK, THIRD PARTY DEFENDANTS-APPELLEES

Appeal from judgment of the United States District Court for the Southern District of New York, Charles S. Haight, Jr., J. dismissing depositary bank's claims against collecting banks under U.C.C. § 4-202(1), and against payor bank under U.C.C. § 4-302.

Per Curiam:

Before: FEINBERG, Chief Judge, TIMBERS and NEWMAN, Circuit Judges.

Union Trust Company of Maryland and its insurer, United States Fidelity and Guaranty Company, appeal from a judgment of the United States District Court for the Southern District of New York, Charles S. Haight, Jr., J., dismissing all their claims against the Federal Reserve Bank of New York and three other banks. We find persuasive and adopt Judge Haight's reasoning in his two opinions dismissing appellants' complaints, 590 F. Supp. 486 (S.D.N.Y. 1984); 620 F. Supp. 361 (S.D.N.Y. 1985), and believe that the result reached in this case is correct. Accordingly, we affirm the judgment of the district court.*fn1


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