Ray signs a check "pay to the order of Stella" drawn on Ray's account in Town Bank. He later orders the bank not to pay the check, but the bank pays it over his order. Subsequent checks written on the account "bounce." Most likely liable for the costs to Ray is

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Town Bank is most likely liable because it paid the check despite Ray's order to stop payment, which led to subsequent checks bouncing.

Ray Signs a Check "Pay to the Order of Stella