If First Bank Receives a Check for Collection on Friday

question 39

True/False

If First Bank receives a check for collection on Friday at 4:30 p.m., it does not have to present the check to the payor bank by midnight Saturday.

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Definitions:

Marine Transport

The movement of goods or people using sea routes, involving vessels like ships and boats, integral to global trade and commerce.

Truckload (TL) Shipments

Transportation of goods where the entire truck is booked for a single shipment.

Hauling Large Tonnage

The process of transporting large amounts of goods or material, typically measured in tonnes, over a distance.

Bill Of Lading

A formal document provided by a carrier to a shipper, specifying the kind, amount, and destination of the goods transported.