Campbell
Campbell v. Bank of America
Opinion
Opinion
Ballantyne, J.
Introduction
Appellant Bank of America National Trust and Savings Association (B of A or Bank) appeals from a judgment awarding respondent Truman F. Campbell (Campbell) $97,571.45 plus interest and costs based upon the trial court’s finding that B of A had breached the indorsement warranties contained in California Uniform Commercial Code sections 3417 and 4207 and that it had been negligent in accepting improperly indorsed checks. Campbell cross-appeals from the judgment because the trial court declined to award punitive damages.
Facts
Campbell is an attorney who has practiced law in the Fresno area for over 33 years and has been a depositor with B of A for approximately 52 years. In late 1974, Campbell began investing in Mid Valley Time Loan (MVTL), a consumer loan company incorporated in 1962 and licensed by the State of California to make small personal loans.
William Probasco was the founder, chief executive officer, manager and majority shareholder of MVTL. Probasco was also the founder, chief executive officer, manager and majority shareholder of Mid Valley Time Loan North (MVTL-North), which was a real estate investment company incorporated in 1974. Campbell…