This appeal requires us to explore the extent to which, if at all, immunity from liability accorded a drawee bank by section 3-405 (subd [1], par [c]) of the Uniform Commercial Code may be limited by the drawee's negligence in paying checks over forged indorsements.
The section at issue, commonly referred to in commercial circles as either the "fictitious payee" or "padded payroll" rule...
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