Morse wrote a check for $2,500 payable to Reynolds for services rendered. Reynolds fraudulently raised the check to $5,500, indorsed it "without recourse," and deposited it in her bank account.

Later, when the alteration was discovered, Reynolds argued that she was not responsible because her indorsement was qualified. Do you agree with Reynolds? Why or why not?

See also Wolfram v. Halloway, 361 N.E.2d 587 (IL).