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Uniform Commercial Code (UCC) › Bank Fraud

Winstead PC

Texas Supreme Court Held Bank Was Not Liable For Fraudulent Withdrawals From An Account Due To UCC 4.406

Winstead PC on

In Compass Bank v. Calleja-Ahedo, an identity thief drained the plaintiff’s bank account through a series of fraudulent transactions in 2012 and 2013, and the plaintiff sued his bank to recover the stolen funds. No. 17-0065,...more

BCLP

The Same Old Wrongdoer Blues: Creative Fraud Leaves Employer Holding the Bag for Fraud on its Account

BCLP on

Articles 3 and 4 of the UCC provide a roadmap for addressing how to allocate liability for the various mistakes, embezzlements and forgeries that have followed the payments system since its invention several centuries ago....more

Adams and Reese LLP

Six Steps Banks Should Implement to Ensure Their Security Procedures are Commercially Reasonable

Adams and Reese LLP on

Banks are tasked by the Uniform Commercial Code (the UCC) with using “commercially reasonable” security procedures when processing funds transfers. This responsibility is constantly evolving as bank fraud becomes more...more

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