§ 5004. Substitute check warranties

201 words·~1 min read·/usc/title-12/section-5004

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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—

(1)the substitute check meets all the requirements for legal equivalence under section 5003(b) of this title; and

(2)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.

(Pub. L. 108–100, § 5, Oct. 28, 2003, 117 Stat. 1181.)

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U.S. Code

statutes-at-large

Public Law 108–100
To facilitate check truncation by authorizing substitute checks, to foster innovation in the check collection system without mandating receipt of checks in electronic form, and to improve the overall efficiency of the Nation’s payments system, and for other purposes

statute-compilations

Sec. 5
SUBSTITUTE CHECK WARRANTIES

Traces to 2 documents

U.S. Code

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Pub. L. 108–100, § 5
117 Stat. 1181
section 20 of Pub. L. 108–100

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§ 5004

Substitute check warranties

U.S.C.×3

Stat. Comp.×1

Stat.×1

U.S.C.§ 5003

U.S.C.§ 5001

Pub. L.Pub. L. 108–100, § 5

Stat.117 Stat. 1181

Pub. L.section 20 of Pub. L. 108–100

Cites 5Cited by 5 across 3 sources