Describe the two major rules that limit a maker's excuse not to pay for forged instruments

What will be an ideal response?

There are two major exceptions to the general common law rule that a forged endorsement is ineffective. One is the imposter rule. This rule provides that when a drawer, maker, or endorser draws, makes, or endorses an instrument to an imposter, the imposter's subsequent endorsement is effective. The second common law exception to the rule that a forged signature is ineffective is the fictitious payee rule. This says that when the instrument is issued in the name of a fictitious payee, the person purporting to be that payee can make an effective endorsement.