In the ________ Congress Set Out Mandatory Schedules Limiting Check

question 86

Multiple Choice

In the ________ Congress set out mandatory schedules limiting check holds and specifying when funds are to be made available to customers by depositary institutions.

• A)Expedited Funds Availability Act
• B)Electronic Fund Transfer Act
• C)Electronic Banking Act
• D)Federal Reserve Act

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Definitions:

Specific Legacy

A bequest of a particular piece of property or a specific asset left to a named beneficiary in a will.

Wal-Mart Stores

A multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores.

Remainderman

The person or entity entitled to receive the remainder of an estate or trust once all prior obligations or life estates are satisfied.

Credit Shelter Trust

A legal arrangement allowing a person to bequeath an amount under the estate tax exemption to beneficiaries other than their spouse, minimizing estate taxes.