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Bank Not Liable for Unauthorized Film Loan Transfer
The U.S. District Court for the District of New Jersey ruled that a film investor incurred no recoverable damages when a bank made an unauthorized transfer of money from his account to a film company to which the investor was obligated to pay the funds. Frungillo v. Imperia Entertainment Inc., 08-0908 (DRD). Michael Frungillo had agreed to loan $250,000 for production of the independent martial-arts film Never Submit. But he alleged in his lawsuit that Wachovia Bank had violated the Uniform Commercial Code and New Jersey banking statutes when it transferred the money from his account to Never Submit LLC without his permission. Senior District Judge Dickinson R. Debevoise noted, however, in an unpublished opinion: “Wachovia's actions ' regardless of whether they violated the security procedures governing Mr. Frungillo's account ' did nothing more than place Mr. Frungillo in the position that he was obligated to assume under his contract with [the film production company]. Therefore, Mr. Frungillo may not recover compensatory damages from Wachovia as a result of the transfer.
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