Which of the Following Would Be Considered an Exception to the Rule

Multiple Choice

Which of the following would be considered an exception to the rule that the loss from a forged instrument falls on the party who first takes the forged instrument after the forgery?

A) where a drawer or maker bears the loss
B) where an indorsement is forged
C) where there has been no forgery
D) A and B
E) A,B,and C