Finally, One for the Banks!

Do out-of-state banks need to follow some rinky-dink Florida law and settle checks "at par"?

No sir, the 11th Circuit says "readily":
Under Florida law, a financial institution “may not settle any check drawn on it otherwise than at par.” Fla. Stat. § 655.85.1 In Baptista v. JPMorgan Chase Bank, N.A., 640 F.3d 1194 (11th Cir. 2011), we held that regulations promulgated by the Office of Comptroller of the Currency (the “OCC”) pursuant to the National Bank Act, 12 U.S.C. § 21 et seq., preempted Florida Statute § 655.85 with respect to national banks. Id. at 1198. Here, we consider whether federal law preempts § 655.85 with respect to out-of-state state banks.2 We readily conclude that it does and therefore affirm.
Ok, but why so "readily"?

Also:  pillar and stones people, pillar and stones.


  1. It's no secret why our credit cards are all issued from Delaware or North Dakota. These are the states with the laxest laws.


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