When a bank certifies a check,it agrees in advance (1)to accept the check when it is presented for payment and (2)to pay the check out of funds set aside from the customer's account and either placed in a special certified check account or held in the customer's account.
Correct Answer:
Verified
Q1: A principal-agent relationship is formed between a
Q3: A check is a note in which
Q4: As a holder,the payee of a check
Q5: With a certified check,the certification expires when
Q6: Uniform Commercial Code Section 3-104(f)defines a check
Q7: The Dodd-Frank Wall Street Reform and Consumer
Q8: A check can be indorsed multiple times
Q9: The issuing bank serves as both the
Q10: When a check is certified,the certification acts
Q11: The drawer is the bank on which
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