Wed Oct 01 09:27:56 PDT 2014
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Judge Rules in Case Tied to Ronnie Gilley's Finances
Associated Press

MONTGOMERY, Ala. (AP) -- 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.

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