Explain bank under the rule of ultra mares

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Reference no: EM1399240

Grumped Company inquires Pierce Whippersnapper LLP (PW) a CPA firm to audit its financial statements. Grumped says PW that it plans to use the statements to obtain a loan from First Bank. PW makes the statements. Grumped usages the statements to obtain a loan from Second Bank. The statements incorrectly state Grumped's financial position due to PW's negligent preparation of them. When Grumped evasions on the loan Second Bank sues PW under the common law of negligence. Does PW have liability to Second Bank under the rule of Ultra mares? Does PW have obligation to Second Bank under the rule of the Restatement (Second) of Torts? How does UCC Article three play into this situation?

Reference no: EM1399240

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