Within How Many Business Days Must a Bank Make Proceeds

question 124

Multiple Choice

Within how many business days must a bank make proceeds of deposited checks available?

• A)3 days for all checks
• B)3 days for local and 7 days for nonlocal checks
• C)2 days for local and 5 days for nonlocal checks
• D)5 days for all checks
• E)7 days for all checks

Understand the rights and obligations of a Holder in Due Course (HDC) and the protections afforded to them.

Comprehend the impact of endorsements on the negotiability and transferability of instruments.

Recognize the legal implications of fraud and illegal activities on the enforceability of negotiable instruments.

Identify the requirements for an instrument to be considered negotiable.

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Definitions:

Civil Law

A system of law that provides a comprehensive code of written law that judges translate into legal principles and regulatory statutes.

Civil Law

A legal system that uses a comprehensive set of laws as a framework for legal proceedings.

Ancient Roman

Pertaining to the civilization of Rome from its founding in the 8th century BC to the collapse of the Western Roman Empire in the 5th century AD.

Statutory Code

A codified body of law created by a legislature, dictating regulations, rights, and duties.