Check 21 contains a special refund procedure, called "expedited recredit," for a customer who suffers a loss because of _____ check.

Question

Quizplus · Accepted Answer

Check 21 authorizes banks to transform information they receive in electronic form back into a paper copy of the check. It grants to paper copies that meet specific standards and so qualify as "substitute checks" legal status that is the equivalent, as against all persons and for all purposes, of the paper check drawn by the drawer. Check 21 contains a special refund procedure, called "expedited recredit," for a customer who suffers a loss because of a "substitute check."

Check 21 Contains a Special Refund Procedure, Called "Expedited Recredit