Question: M issues a note payable to Ps order. C steals the note, forges Ps indorsement, and sells the note to X. M pays X. On

M issues a note payable to P’s order. C steals the note, forges P’s indorsement, and sells the note to X. M pays X. On the assumption that M has to pay P for conversion (UCC 3-420), may M recover from other parties?

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