Examlex
Based on the tree below, which statement is not correct?
Transferee
An individual or entity that receives property, rights, or interests from another through a legal transfer.
Article 4A
Part of the Uniform Commercial Code that governs the transfer of funds initiated through electronic means by banks and other financial institutions.
Check Clearing
The process by which banks validate and process checks transactions to transfer funds from the payer's to the payee's account.
21st Century Act
Legislation aimed at addressing contemporary issues and needs, often involving technology, healthcare, or economic reforms. (Note: This term is broad and could refer to specific acts in different jurisdictions; without more context, this definition remains general.)
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