Fact Pattern 28-2B (Questions B16-B18 Apply)

question 10

Multiple Choice

Fact Pattern 28-2B (Questions B16-B18 apply)
Belle draws a check on her account in Capital Credit Bank in New York, payable to Distribution Marketing, Inc., in San Francisco. Distribution Marketing deposits the check in its ac?count at Equity Bank. Equity Bank deposits the check in the Federal Reserve Bank of San Francisco, which transfers it to the Federal Reserve Bank of New York. That Federal Reserve Bank sends the check to Capital Credit.
-Refer to Fact Pattern 28-2B. When Equity Bank received the check, it was required to pass it on

• A) before midnight of the next banking day.
• B) before midnight of the next day, whether or not it was a "banking" day.
• C) before noon of the next banking day.
• D) within five business days.

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Definitions:

Crimes

Acts or omissions that violate laws and are punishable by the government.

Foreign Intelligence Surveillance Court

A federal tribunal created to review and grant warrants for surveillance on foreign espionage agents within the United States requested by federal law enforcement and intelligence bodies.

Terrorism

The use of violence and threats to intimidate or coerce, especially for political purposes.

Warrants

Financial securities that grant the holder the right to buy shares of a company at a fixed price until the expiry date.