Koda visited with Max at Max's office. Koda introduced himself as Luke, one of Max's creditors, telling Max, that he was entitled to some money from Max. Max wasnt aware that Koda was impersonating Luke. Max issued a check payable to the order of Luke and handed the check to Koda. Koda forged the indorsement of Luke on the back of the check and negotiated/transferred the check to the Princess Financing Company. Koda has skipped down and cannot be found. Max insists that the Princess Financing bank be held liable for the mistaken payment to Koda as Max asserts that Koda's forged signature of Luke prevented proper negotiation. Given these facts, which of the following is generally correct?

a. Luke will suffer the loss since Max has made one check out for the amount owed and, though unfortunate, Luke will not likely receive the payment owed to him by Max.

b. The check as a result of the forgery falls under the Federal Consumer Credit Contract Rule.

c. Max will suffer the loss under the imposter or fictitious payee rule.

d. Princess Financing will suffer the loss since payment was made on a forgery as the actual Luke did not place his indorsement on the check.