impostor rule

impostor rule. Commercial law. The principle that an impostor’s indorsement of a negotiable instrument is not a forgery, and that the drawer or maker who issues the instrument to the imposter is negligent and therefore liable to the holder for payment. • If a drawer or maker issues an instrument to an impostor, any resulting forgery of the payee’s name will be effective in favor of a person paying on the instrument in good faith or taking it for value or collection. UCC § 3-404. [Cases: Banks and Banking 147; Bills and Notes 201, 279. C.J.S. Banks and Banking §§ 415–416; Bills and Notes; Letters of Credit §§ 29, 150–151.]

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词条贡献者

法律翻译Howard，在一家顶尖的美国律师事务所担任专职法律翻译，专注翻译各类与信托与财产规划有关的法律文件。