Parkway Bank and Trust Company v. State Farm Fire and Casualty Company

Illinois Appellate Court
Civil Court
Citation
Case Number: 
2013 IL App (1st) 122387
Decision Date: 
May 20, 2013
District: 
1st Dist.
Division/County: 
Cook Co.,1st Div.
Justice: 
ROCHFORD
Holding: 
Affirmed.
Bank filed declaratory judgment alleging that insurer refused to tender policy proceeds for fire loss on property on which bank was named as mortgagee under policy. Contractor forged bank's endorsement on check insurer issued for fire loss. Bank's only remedy is conversion action against the bank which cashed the check based on forged endorsement, under Section 3-420 of UCC. Thus, court properly granted summary judgment for insurer.(HOFFMAN and CUNNINGHAM, concurring.)