403.405 Employer’s responsibility for fraudulent endorsement by employee.
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403.405 Employer’s responsibility for fraudulent endorsement by employee.
(1)In this section:
(a)“Employee” includes an independent contractor and employee of an independent contractor retained by the employer.
(b)“Fraudulent endorsement” means, in the case of an instrument payable to the employer, a forged endorsement purporting to be that of the employer or, in the case of an instrument with respect to which the employer is the issuer, a forged endorsement purporting to be that of the person identified as payee.
1. “Responsibility” with respect to instruments means authority to do any of the following:
a. Sign or endorse instruments on behalf of the employer.
b. Process instruments received by the employer for bookkeeping purposes, for deposit to an account or for other disposition.
c. Prepare or process instruments for issue in the name of the employer.
d. Supply information determining the names or addresses of payees of instruments to be issued in the name of the employer.
e. Control the disposition of instruments to be issued in the name of the employer.
f. Act otherwise in a responsible capacity with respect to instruments.