052647 Collins v. First Union National Bank 11/03/2006 In an action against a bank by designated beneficiaries of accounts set up by other persons as part of a fraudulent investment scheme, because th

State: Virginia

Court: Supreme Court

Docket No: 052647

Case Date: 11/03/2006

Plaintiff: 052647 Collins

Defendant: First Union National Bank 11/03/2006 In an action against a bank by designated beneficiaries of acc

Preview:Present: Hassell, C.J., Lacy, Keenan, Kinser, and Lemons, JJ., and Carrico and Russell, S.JJ. IAN G. COLLINS, ET AL. v. Record No. 052647 OPINION BY SENIOR JUSTICE CHARLES S. RUSSELL November 3, 2006

FIRST UNION NATIONAL BANK FROM THE CIRCUIT COURT OF FAIRFAX COUNTY Gaylord L. Finch, Jr., Judge This appeal presents the question whether a bank is liable to parties designated as beneficiaries of accounts set up for their benefit, using the term "For The Benefit Of ___" (FBO accounts), when the beneficiaries had not contracted with the bank and had no signatory authority over the accounts. The dispositive issues are whether the beneficiaries were "customers" of the bank as defined by the Uniform Commercial Code, Code

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