An electronic image of an item together with electronic information describing that item in an approved format will be considered a valid instrument. Common forms of instruments are the following EXCEPT:
A) Checks: Drafts drawn on a bank and payable on demand
B) Pay checks
C) Cash items: Checks or other items payable on demand and collectible at par and accepted at the Reserve Bank
D) Noncash items: Items that a Reserve Bank classifies as requiring special handling
Correct Answer:
Verified
Q163: The sender agrees to indemnify each Reserve
Q164: A _ must settle for an item
Q165: One of the check collection requirements is
Q166: A Reserve Bank may present a noncash
Q167: _ is an agent or a subagent
Q169: A sender and any prior collecting banks
Q170: By sending an item to a Reserve
Q171: It is an instrument or promise or
Q172: Cash items' payment proceeds must be available
Q173: By presentation or transmission of an item
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