An imposter's indorsement on an instrument can be effective as if the real payee had signed.

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An imposter's indorsement on an instrument can be effective as if the real payee had signed, known as the doctrine of "fictitious payee." This means that the imposter's endorsement is treated as if it were made by the payee, and the person who relied on the endorsement is not liable for any resulting losses to the true payee. However, this doctrine does not apply in all situations and there are exceptions and limitations to it.

An Imposter's Indorsement on an Instrument Can Be Effective as If