A was an agent of P for the purpose of securing applications for loans and disbursing the money to the borrowers. The custom was for P, after approving the application, to send to A a check drawn on D bank, payable to the joint order of A and the borrower. It was also the custom for A, in following out the course of dealing outlined by P, to secure the borrower's indorsement, add his own, deposit the check to an agency account in X bank, and then pay out the money to the borrower by personal checks on his agency account. This procedure was followed in the instances in question, but the name used for the borrower was used without authority and was a fraud by A on P. A, upon receiving the check, forged an indorsement in the name of the supposed borrower, added his own, deposited the check to his agency account in X bank, checked out and converted the proceeds to his own use and absconded. D bank later paid the check, and P brought suit to recover the amount charged against his account. Held, P could not recover.