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Which of the Following Holds True in Case of a Substitute

Question 33

Multiple Choice

Which of the following holds true in case of a substitute check?


A) A substitute check is an electronic reproduction of the original check which is suitable for automated processing in the same manner as the original check.
B) Only the Federal Reserve can provide substitute checks in place of the original checks in the check processing stream.
C) In the check collection process it is not required that the image be converted to a substitute check; the electronic image itself suffice.
D) The Check 21 Act replaces existing state laws regarding the substitute checks.
E) The Uniform Commercial Code doesn't apply to a transaction dealing with substitute checks.

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