On August 1st,Jim writes a check to Angela drawn on his account at Fidelity Bank.Angela deposits the check into her Boise Bank account on August 5th.In this case Jim's bank is the payor bank and must settle its accounts by midnight on August 5th.

Question

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According to the Uniform Commercial Code, a payor bank has until the end of the next banking day after receiving the item to either pay or return it. Therefore, Jim's bank has until midnight on August 6th to settle its accounts.

On August 1st,Jim Writes a Check to Angela Drawn on His