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Party Liabilities - Imposter Rule and Fictitious Payee Rule

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What are the party liabilities under the imposter rule and fictitious payee rule?

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Solution Summary

This solution discusses the party liabilities under two rules: the imposter rule and fictitious payee rule.

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Business, Business Law
Year 4
What are the party liabilities under the imposter rule and fictitious payee rule?
Hi,
This question is straightforward, and is asking for the parties that are liable for negotiations under two specific rules (e.g., imposter rule and fictitious payee rule). In other words, who is responsible and who has to pay?
Let's look at what the law has to say about this:
1. What are the party liabilities under the imposter rule and fictitious payee rule?
Response:
LIABILITY OF PARTIES:
§3404. Impostors; fictitious payees.
(a) Impostor--If an impostor, by use of the mails or otherwise, ...

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