In a nutshell, I need to know if I have a cause of action against a receiving bank of a mistaken wire transfer (of a very substantial amount) that I made to the wrong party 25 years ago. No typos there.... So, under the UCC, I was not a "customer" or "account holder" of the receiving bank, but I WAS a "depositor" to the receiving account. The bank didn't contact me about the unusual activity (today, this same bank is my bank, and they certainly contact me [and freeze my account] if I commit any "unusual" activity - which to them includes making a bunch of deposits of one dollar bills [street musician money]). Art. 4 UCC's limitations period is 3 years from the act, not discovery. The receiving bank branch is located in California, and California Code of Civil Procedure Section 348 is infinite - no limitations period limit at all. So, if I'm a "depositor" to the account, do I have the right of demand withdrawal? I ceded title of the funds to the bank (who is ultimately liable), not to the account holder. So, I need a real California banking guru's input here. I'd like to file in fed court, since I don't live in California, and the wire originated outside of California.
Retagged this to banking... just to clarify... you sent a wire transfer and it was placed in the wrong account 25 years ago? ... if it went to the wrong person, wouldn’t the right person complained? Doesn’t seem like you were the one that was injured or damaged..seems like that person was injured.... but we’ll let others chime I ...
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