In the case in the text Huntington National Bank v.Guishard,Wilburn & Shorts,what was the court's holding?
A)Gray was not responsible because he had no knowledge or intent to commit theft or fraud.
B)Gray was not responsible because GSW's name was on the deposit slip.
C)Gray was responsible for $16,500 because he knowingly committed fraud.
D)Gray was responsible for $16,500 because he breached the transfer warranty.

Question

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Because the checks contained fraudulent indorsements,Gray breached the transfer warranty and was strictly liable under the Ohio Code.Pursuant to the Ohio Code,Huntington was permitted to recover the "amount equal to the loss suffered" up to the "amount of the instrument plus expenses and loss of interest," regardless of how much he received personally.Thus,liability in the amount of $16,500 was appropriate to impose against Gray.

In the Case in the Text Huntington National Bank V