UCC Statute Of Repose Strikes Again
LexisNexis (March 14, 2017, 8:22 AM EDT) -- In our prior story, we reported on an interesting case involving the UCC one-year statute of repose for reporting unauthorized wire transfers. Now comes a Missouri case where the statute of repose for reporting forged checks was used by a bank to great effect. The case seems correct in every way and it includes some especially significant takeaways for the drafting of deposit agreements.
The Missouri case. In Borowski v. J.P. Morgan Chase Bank, 91 UCC Rep. 2d 518, 2016 Mo. App. LEXIS 1324 (Mo. Ct....