Which of the Following Is True Regarding Entities Considered Banks

question 8

Multiple Choice

Which of the following is true regarding entities considered banks under the UCC?

• A) Savings and loans and trust companies are considered banks, but credit unions are not.
• B) Savings and loans and credit unions are considered banks, but trust companies are not.
• C) Trust companies and credit unions are considered banks, but savings and loans are not.
• D) Savings and loans, credit unions, and trust companies are all considered banks.
• E) Only an entity holding itself out as a "bank" is considered a bank under the UCC, and therefore neither savings and loans, credit unions, nor trust companies are considered banks.

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Definitions:

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