The defendant received a check drawn on plaintiff's bank. The defendant endorsed the check and received payment from his bank. That bank sent the check for collection to the plaintiff's bank, and the check was honored. Several days later, the bank discovered that the drawer of the check did not have an account and that it had mistakenly charged the check to another of it's customers. Plaintiff then sought to recover from defendant as an indorser. He contented that the check had not been dishonored within the time allowed by law. Is he liable as an indorser? Why or why not?