Ben Arnold has been an employee of Tom Jefferson for several years. During that time, Jefferson has relied on Arnold to prepare payroll checks, checks to pay suppliers, etc. Unknown to Jefferson, Arnold is a compulsive gambler who owes large sums of money to various underworld figures. Arnold, who has been threatened with death if he fails to pay on his debts, prepares a check payable to a nonexistent supplier. Jefferson innocently signs the check. Arnold then endorses the check with “Pay to Ben Arnold” and the supplier’s name. Later, Arnold takes the check to his bank, endorses it in blank, deposits it in his personal checking account, and then, later still, withdraws the money and flees the country. Meanwhile, Arnold’s bank sends the check through the collection process and Jefferson’s bank pays the check. When Jefferson discovers that Arnold has abandoned his job and defrauded him of a large sum of money, he demands that Arnold’s bank credit his account at his bank. Must Arnold’s bank do so? Under the BEA or UCC? Under the ULB?