Question: Stone & Webster drew three checks in the total amount of $64,755.44 payable to the order of Westinghouse Electric Corporation. An employee of Stone &

Stone & Webster drew three checks in the total amount of $64,755.44 payable to the order of Westinghouse Electric An employee of Stone & Webster obtained possession of the checks, forged Westinghouse's indorsement to them, and cashed them at the First National Bank & Trust Company, and put the proceeds to his own use. The first two checks were indorsed in typewriting, "For Deposit Only: Westinghouse Electric by: Mr. O. D. Costine, Treasury Representative," followed by the ink signature, "O. D. Costine." The third check was indorsed in typewriting, "Westinghouse Electric by: [Sgd.] O. D. Costine, Treasury Representative." Were the checks negotiated to the bank?

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No The forged indorsements were wholly inoperative as to the signatures of the payee Sections 34031 ... View full answer

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