12 U.S.C. § 5004 — Substitute check warranties
submitted 23 years ago by Pub. L. 108-100 to r/title-12-BANKS-AND-BANKING · 152 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
A bank* that transfers, presents, or returns a substitute check* and receives consideration for the check* warrants, as a matter of law, to the transferee, any subsequent collecting or returning bank*, the depositary bank*, the drawee, the drawer, the payee, the depositor, and any endorser (regardless of whether the warrantee receives the substitute check or another paper or electronic form of the substitute check or original check) that—
the substitute check meets all the requirements for legal equivalence under section 5003(b) of this title; and
no depositary bank, drawee, drawer, or endorser will receive presentment or return of the substitute check, the original check, or a copy or other paper or electronic version of the substitute check or original check such that the bank, drawee, drawer, or endorser will be asked to make a payment based on a check that the bank, drawee, drawer, or endorser has already paid.
Source credit: (Pub. L. 108–100, § 5, Oct. 28, 2003, 117 Stat. 1181.)
- 2003Enacted · Pub. L. 108-100 · 117 Stat. 1181
A history note hasn’t been published yet. The record shows enactment by Pub. L. 108-100 on 2003-10-28.
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