Plaintiffs alleged in their complaint that certain employees of plaintiff Dayco Corporation forged endorsements on checks payable to Dayco and then deposited these checks in their own personal accounts maintained with the defendant, Citizens State Bank. Plaintiff National Surety Co., pursuant to its "blanket crime policy" issued to Dayco, indemnified Dayco for part of the loss, and is a party under its subrogation rights. Plaintiffs pleaded three claims for relief in their complaint: (1) conversion under ? 4-3-419, C.R.S. 1973, (2) money had and received, and (3) breach of implied warranties under ?? 4-3-417 and 4-4-207, C.R.S. 1973. The banks C.R.C.P. 12(b)(5) motion to dismiss for failure to state a claim was granted, and judgment was entered accordingly. Plaintiffs appeal, and we affirm in part and reverse in part.