General Motors Acceptance Corporation (GMAC) financed the purchase of a Jeep by Azevedo. It then held the positon of lienholder on the vehicle and was noted as such on the vehicle’s title and car insurance policy. The policy was taken out by Azevedo but listed GMAC as the beneficiary. Therefore, if the vehicle was involved in an accident and damaged, the insurance company, Abington Casualty, was to pay GMAC the value of the loss. Later, after the Jeep was damaged in an accident, Azevedo submitted a claim on the policy. After suitable appraisals of the loss, Abington issued a check with joint payees, Azevedo and GMAC. Abington then delivered the check to Azevedo who deposited it in his bank with his indorsement but without GMAC’s. The bank paid on the check in full to Azevedo even without the indorsement. GMAC never received the benefit of the funds. Now it has brought suit against Abington to recover for its loss. Is GMAC entitled to the insurance money? (General Motors Acceptance Corporation v. Abington Casualty Insurance Co., 602 N.E.2d 1085)