Section 31 Impostors and Fictitious Payees
| Library | Commercial Law 2007 |
“If an impostor . . . induces the issuer of an instrument to
issue the instrument to the impostor, or to a person acting in concert with the impostor, by impersonating the payee . . . or a person authorized to act” on behalf of the payee, an endorsement by any person in the name of the payee is effective in favor of a person who, in good faith, pays the instrument or takes it for value or for collection. Section 400.3-404(a), RSMo 2000. When an instrument is payable to a fictitious or nonexisting person, or to a real person whom the drawer or maker does not intend to have any interest, any person in possession of the instrument is its holder, and...
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