Discuss the effect of an unauthorized signature on an instrument
Unauthorized signatures include both forgeries and signatures made by an agent without authority. The unauthorized signature is binding upon the unauthorized signer, whether his own name appears on the instrument or not, to any person who in good faith pays or gives value for the instrument. The unauthorized signature is generally not binding on the person whose name appears on the instrument, unless the person ratifies the signature or unless his negligence substantially contributed to the making of the forged signature.
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