Conversion of instrument.

(b) In an action under subsection (a), the measure of liability is presumed to be the amount payable on the instrument, but recovery may not exceed the amount of the plaintiff's interest in the instrument. (c) A representative, other than a depositary bank, who has in good faith dealt with an instrument or its proceeds on behalf of one who was not the person entitled to enforce the instrument is not liable in conversion to that person beyond the amount of any proceeds that it has not paid out. Subsec. (b): Evidence that plaintiff, the intended payee, had received restitution from the forger was relevant because the receipt of the total amount of plaintiff's interest in the settlement check constituted a defense available to defendant bank. 108 CA 799.