Rodeo Ranch's Agent Slim Is Authorized to Draw Checks on Rodeo

Multiple Choice

Rodeo Ranch's agent Slim is authorized to draw checks on Rodeo Ranch's account in Town Bank. Upper Range Corporation is a Rodeo Ranch supplier. Slim writes a check "pay to the order of Upper Range [signed] Slim," indorses the check in Upper Range's name, and deposits it in his account in Verity Bank. If Verity Bank collects payment, the ultimate party most likely to suffer the loss is

A) no one.
B) Rodeo Ranch.
C) Town Bank.
D) Upper Range.