12-U.S.C.-5004

§5004 – Substitute Check Warranties

Pathway

Title 12 > Chapter 50 > Section 5004

Details

• Reference: Section 5004
• Legend: §5004 – Substitute Check Warranties
• USCode Year: 2013

Provision Content

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.)

U.S. Encyclopedia of Law Coverage

12-U.S.C.-4901 in the Legal Encyclopedia: Banking Law

In this entry about 12-U.S.C.-4901, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.

Topic Map

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