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Home / Opinion Digests / Business Law / Surety Is Not Customer of Bank (access required)

Surety Is Not Customer of Bank (access required)

The Alexandria U.S. District Court denied bank’s motion to dismiss a surety’s breach of contract action for allowing withdrawals from a fiduciary account in violation of a joint control agreement requiring a surety representative signature for withdrawals over $5,000; bank failed to provide surety any statements and allowed 10 withdrawals without the required signature supporting ...

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