The Drawer's Failure to Report a Forged or Altered Check

question 54

Multiple Choice

The drawer's failure to report a forged or altered check to the bank within ________ of receiving the bank statement and canceled checks containing it relieves the bank of any liability for paying the instrument.

• A) thirty (30) days
• B) sixty (60) days
• C) ninety (90) days
• D) one (1) year
• E) three (3) years

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Definitions:

Retake Possession

The act of reclaiming ownership or control of property or assets, often legally after a breach of agreement or law.

Transporter

An individual or entity engaged in the moving of goods or people from one place to another.

Consumer Transactions

The buying and selling of goods or services between businesses and individuals for personal use or consumption.

Consumer Protection Legislation

Laws and regulations designed to ensure the rights of consumers are protected against unfair practices by businesses.