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U.S Code last checked for updates: Nov 22, 2024
All Titles
Title 12
Chapter 50
§ 5003. General provisions gover...
§ 5005. Indemnity...
§ 5003. General provisions gover...
§ 5005. Indemnity...
U.S. Code
Notes
§ 5004.
Substitute check warranties
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
.)
cite as:
12 USC 5004
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