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What is Bank of America vs. Philippine Racing Club about?

This case involves two pre-signed checks from the Philippine Racing Club (PRC) that were encashed by Bank of America (BOA) despite irregularities on the checks. [1] The checks came into the hands of a dishonest PRC employee. [2] While PRC was negligent for pre-signing blank checks, BOA failed to verify the checks with PRC despite irregularities, violating its duty of high care as a bank. [3] Both parties were at fault, but under the last clear chance doctrine, BOA was primarily liable since it missed the fi

Author

JDR JDR

Language

EN