Reference no: EM131386911
L&M Home Health Corporation (L&M) had a checking account with Wells Fargo Bank. L&M engaged Gentner and Company, Inc. (Gentner) to provide consulting services, and paid Gentner for services rendered with a check drawn on its Wells Fargo account in the amount of $60,000, dated September 23, 2009.
Eleven days later, on October 4, 2009, L&M orally instructed Wells Fargo to stop payment on the check. Eleven days after that, on October 15, 2006, Gentner presented the L&M check to Wells Fargo for payment. On the same date the teller issued a cashier's check, payable to Gentner, in the amount of $60,000. On November 5, 2009, Wells Fargo placed a ‘‘stop payment order'' on the cashier's check.
On January 15, 2010, Gentner deposited the cashier's check at another bank, but it was not honored and was returned stamped ‘‘Payment Stopped.'' Gentner sues Wells Fargo for wrongful dishonor of the cashier's check. Is Gentner a holder in due course of the check? Discuss.
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