California Court of Appeal June 29, 2011, No. G043874 (Wells Fargo Bank, N.A. v. FSI, Financial Solutions, Inc.)

Opinion

IKOLA, J.

FSI, Financial Solutions, Inc. (FSI), deposited a $90,000 check into its account at Wells Fargo Bank, N.A. (Wells Fargo). Ultimately, the check was dishonored by the third party payor bank because the account upon which the check was drawn had been closed months earlier. In the interim, FSI transferred most of the $90,000 out of its account to pay off preexisting debts.