Zebra bank inadvertently paid the amount

Assignment Help Management Theories

Reference no: EM131045995

On April 1, Moore gave Pipkin a check properly drawn by Moore on Zebra Bank for $5,000 in payment of a painting to be framed and delivered the next day. Pipkin immediately indorsed the check and gave it to Yeager Bank as payment in full of his indebtedness to the bank on a note he previously had signed. Yeager Bank canceled the note and returned it to Pipkin. On April 2, upon learning that the painting had been destroyed in a fire at Pipkin's studio, Moore promptly went to Zebra Bank, signed a printed form of stop payment order, and gave it to the cashier. Zebra Bank refused payment on the check upon proper presentment by Yeager Bank.

(a) What are the rights of Yeager Bank against Zebra Bank?

(b) What are the rights of Yeager Bank against Moore?

(c) Assuming that Zebra Bank inadvertently paid the amount of the check to Yeager Bank and debited Moore's account, what are the rights of Moore against Zebra Bank?

Reference no: EM131045995

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