CHASANOW, Judge.
We are called upon in this case to decide the issue of who bears the loss, as between the collecting bank and the drawee bank, for an improperly paid check bearing both a forged drawer's signature and a forged indorsement (i.e., a "double forgery"). For the reasons set forth below, we hold that where a drawee bank pays on an instrument bearing both a forged drawer's signature and a forged indorsement, the drawee bank is liable for the loss.
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