(1) An indorsement by any person in the name of a named payee is
effective if
(a) an impostor by use of the mails or otherwise has induced the
maker or drawer to issue the instrument to him or his
confederate in the name of the payee; or
(b) a person signing as or on behalf of a maker or drawer intends
the payee to have no interest in the instrument; or
(c) an agent or employee of the maker or drawer has supplied him
with the name of the payee intending the latter to have no
such interest.
(2) Nothing in this section shall affect the criminal or civil
liability of the person so indorsing.
Structure New York Laws
3-402 - Signature in Ambiguous Capacity.
3-403 - Signature by Authorized Representative.
3-404 - Unauthorized Signatures.
3-405 - Impostors; Signature in Name of Payee.
3-406 - Negligence Contributing to Alteration or Unauthorized Signature.
3-409 - Draft Not an Assignment.
3-410 - Definition and Operation of Acceptance.
3-411 - Certification of a Check.
3-412 - Acceptance Varying Draft.
3-413 - Contract of Maker, Drawer and Acceptor.
3-414 - Contract of Indorser; Order of Liability.
3-415 - Contract of Accommodation Party.
3-416 - Contract of Guarantor.
3-417 - Warranties on Presentment and Transfer.