ALDRICH, Senior Circuit Judge.
On March 3, 1977, a California brokerage office, Dean Witter and Company, mistakenly mailed a customer's ten $5,000 matured municipal bonds for redemption to the wrong agent, American Transfer Co. (ATC), P.O. Box 48, New Ipswich, New Hampshire. ATC was never an agent for these bonds. It was essentially defunct, but maintained the box for occasional mail. Its president, Jon Huber, received and receipted for the bonds on March 8. On March...
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