Any Kind Checks Cashed, Inc v. Talcott
District court of Appeal of Florida 2002
Facts:
D.J. Rivera, a financial advisor to John G. Talcott Jr, a 93 year old man, sold Talcott an investment for about $75,000. This investment did not produce any returns. On Dec. 7, 1999, Salvatore Guarino, a cohort of Rivera, established privileges to cash checks at Any Kind Checks Cashed, Inc. by filling out a customer card with his social security number and by showing his driver’s license. Guarino listed himself as a broker. That same day, he cashed a $450 check. Three days later, Rivera called Talcott and convinced him to send a check for an additional $10,000 made out to Guarino to cover travel expenses, which in turn, would produce a return on his
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On the second try, he approved the $5,700 check to be cashed, unaware that the $10,000 check had been cashed. On January 19, Rivera called Talcott to warn him that Guarino was a cheat. Any Kind filed a two-count complaint against Guarino and Talcott, claiming it was a holder in due course. Talcott argued that Any Kind was not a holder in due course and that his obligation was nullified because of illegality on the part of Guarino. The court entered judgement in favor of Any Kind for only the $5,700 check. The judge found for Talcott on the $10,000 check.
Issue:
Whether or not a check cashing store qualifies as a holder in due course so that it can collect on a $10,000 check written by an elderly man who was fraudulently induced to issue the check?
Holding:
The court held that the check cashing store was not a holder in due course, because the procedures it followed with the $10,000 check did not comply with reasonable commercial standards of fair dealing.
Reasoning:
A holder in due course is a holder who takes an instrument without apparent evidence of forgery or alteration for value, in good faith, and without notice of certain claims and defenses. Any Kind, as the party claiming it was a holder of due course, has the burden of proof. Any Kind failed to provide sufficient proof. Any Kind’s employees acted in good faith without knowlesge of Guarino’s wrongdoing. This does not however fit the new definition of good faith in holder of due course passed by
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When Rivera called Talcott the following day (January 11) and stated that he needed a smaller sum, $5,700, there was no mention as to how the difference was to be returned to Talcott. Talcott immediately canceled the check and issued a new check for deposit. At the point that Rivera told Talcott that the $10,000 check was not needed, he should have returned or destroyed the check. Further, Talcott should not have issued another check until he was assured that the first check would not be deposited.
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a. To avoid suffering the kinds of monetary losses we have experienced in the past, our credit union prohibits the cashing of third party checks presented by our members.