Clarice Rich was employed by the New York City Board of Education as a clerk. It was her duty to prepare requisitions for checks to be issued by the board, to prepare the checks, to have them signed by authorized personnel, and to send the checks to the recipients. In some instances, however, she retained them. Also, on a number of occasions she prepared duplicate requisitions and checks, which, when signed, she likewise retained. She then forged the indorsement of the named payees on the checks she had retained and cashed the checks at Chemical Bank, where the Board of Education maintained its account. After the board discovered the forgeries, it demanded that Chemical Bank credit its account of the forged checks. Is Chemical Bank required to credit the board's account as requested?