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.
Correct Answer:
Verified
Q28: Section 4-213(1) spells out that it will
Q29: An office where banks exchange checks and
Q30: A bank is liable for paying out
Q31: According to the Electronic Fund Transfer Act
Q32: A _ bank handles checks, but not
Q34: Article 4A addressed the frequently occurring legal
Q35: A collecting bank is one _.
A) that
Q36: If the depository bank is also the
Q37: Which of the following holds true for
Q38: The Expedited Funds Availability Act -also referred
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents