Under the Revised Article 3 rules for beneficiaries,in the event of a breach of transfer warranty:

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Revised Article 3 provides that in the event of a breach of a transfer warranty,a beneficiary of the transfer warranties who took the instrument in good faith may recover from the warrantor an amount equal to the loss suffered as a result of the breach.However,the damages recoverable may not be more than the amount of the instrument plus expenses and loss of interest incurred as a result of the breach.

Under the Revised Article 3 Rules for Beneficiaries,in the Event