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Bruce Bastian Essay Topics & Paper Examples

Case Study for Shearson Lehman Brothers vs. Wasatch Bank

Shearson Lehman Brothers, Inc. vs. Wasatch Bank In March 1987, Erb personally accepted from Matthews a check drawn by Utah Softcopy and payable to the order of “APB Investments.” The amount of the check was $460,150.23. At that time, there was no ABP Investment account opened at Shearson, although the Wordperfect principals maintained accounts elsewhere in that name. Notwithstanding the absence of an account in the name of the payee, Erb accepted the check for deposit at Shearson. Matthews suggested that a substitute check be correctly drawn and submitted for deposit from Shearson. Erb responded by assuring Matthews that he would personally guarantee that the check was credited to the appropriate account. However, rather than depositing the check into on…