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Question
Due to Susan Sharp's many fraudulent misstatements, Nelly Nice buys Susan's car. Nelly writes Susan a check for $5,000 in payment. Susan immediately negotiates the check to Patty Proper, who qualifies as a holder in due course. In the meantime, Nelly discovers that the car is junk and makes a timely and proper stop-payment order to her bank. However, when Patty presents the check for payment, the bank pays it anyway. Is the bank required to recredit Nelly's account?
Answer
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