Check #1234 is received for collection by Big Bank at 11:3 a.m.on July 15.Under Article 4 of the UCC,Big Bank generally has until midnight of July 16 to process the check.

Question

Quizplus · Accepted Answer

According to Article 4 of the UCC, a bank generally has until midnight of the next banking day to process a check that is received for collection. In this case, the check was received on July 15, so Big Bank has until midnight of July 16 to process it. Therefore, the statement is true.

Check #1234 Is Received for Collection by Big Bank at 11:3