The Check Clearing for the 21st Century Act Requires Banks

question 7

True/False

The Check Clearing for the 21st Century Act requires banks to accept checks in electronic form.

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Definitions:

Acceleration Clause

A provision in a loan contract that allows the lender to demand immediate repayment of the entire loan amount if certain conditions are breached.

Promissory Note

A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.

Negotiable

Able to be transferred or endorsed to another party in exchange for money or as part of a contractual agreement.

Medium of Exchange

An intermediary instrument used to facilitate the sale, purchase, or trade of goods and services between parties.