In July 1981, Southeast Bank in Miami, Florida, issued five cashier’s checks, totaling $450,000, to five payees, including Roberto Sanchez. Two months later, in Colombia, South America, Sanchez gave the checks to Juan Diaz. In 1991, Southeast failed. Under federal law, notice must be mailed to a failed bank’s depositors, who then have eighteen months to file a claim for their funds. Under an “Assistance Agreement,” First Union National Bank agreed to assume Southeast’s liability for outstanding cashier’s checks and other items. First Union received funds to pay these items but was required to return the funds if, within eighteen months after Southeast’s closing, payment for any item had been not claimed. In 1996, in Colombia, Diaz gave the five cashier’s checks that he had received from Sanchez to John Acevedo in payment of a debt. In 2001, Acevedo tendered these checks to First Union for payment. Does First Union have to pay? Would it make any difference if the required notice had not been mailed? Why or why not?