Payor bank's right to subrogation on improper payment.

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  • (1) of any holder in due course on the item against the drawer or maker;
  • (2) of the payee or any other holder of the item against the drawer or maker either on the item or under the transaction out of which the item arose; and
  • (3) of the drawer or maker against the payee or any other holder of the item with respect to the transaction out of which the item arose.




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