Court Rules In Case Tied To Jailed Casino Boss

The Alabama Supreme Court has sided with a Troy bank in a fight over the troubled finances of jailed casino developer Ronnie Gilley.

The ruling Tuesday involved a $100,000 check that Ronnie Gilley Properties wrote to Cile Way Properties in December 2010.

Cile Way deposited it at Citizens Bank in Geneva. Citizens Bank only encoded the check for $1,000 when it presented the check to Gilley’s bank, Troy Bank, for payment.

Citizens Bank discovered the error in January 2010 and sent a $99,000 adjustment notice to the Federal Reserve. The Federal Reserve transferred the money out of Troy Bank’s funds, but by that time, Gilley’s account had less than $600 in it.

Troy Bank sued Citizens Bank for its loss, and the Supreme Court agreed.

 

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)