Which of the following is true of a collecting bank?
A) A collecting bank is an agent of the owner of an item until settlement becomes final.
B) The agency relationship between a collecting bank and the owner of an item, once settled, changes to a debtor-creditor relationship.
C) A collecting bank may be a sub-agent of the owner until settlement becomes final.
D) All of the above.
E) None of the above.
Correct Answer:
Verified
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