The Second Appellate District affirmed in part and reversed in part trial court orders. In the published portion of its opinion, the court held that a borrower with a home equity line of credit was not a bank “depositor” for purposes of a one-year statute of limitations on claims relating to a bank’s mishandling of a forged check.
Meri Fayroyan-Mezhlumyan opened a home equity line of credit (HELOC) with Wells Fargo Bank. She was issued checks which allowed her to draw against the line of credit. In April 2007, two of the checks were stolen. They were used to withdraw $99,000 from the account. Fayroyan-Mezhlumyan discovered the losses in May 2007.
