Even though forged or unauthorized signatures on negotiable instruments are uncommon, should U. S. Bank have had to prove that the indorsements on this note were valid and authorized? Why or why not?
THE ECONOMIC DIMENSION
How does the presumption that an indorsement is legitimate “without unambiguous evidence to the contrary” protect the transferability of a negotiable instrument?
Tonya Bass signed a note with Mortgage Lenders Network USA, Inc., to borrow $ 139,988, repayable with interest in monthly installments of $ 810.75, to buy a house in Durham County, North Carolina. The note was transferred by stamped imprints to Emax Financial Group LLC, then to Residential Funding Corporation, and finally to U. S. Bank N. A.