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:

Hydrophobic

Characterized by a tendency to repel water; substances that do not mix with water.

Buffered

A solution's capacity to resist changes in pH when acids or bases are added.

Polar Solvents

Substances that have a partial positive and partial negative charge, making them effective at dissolving ionic and other polar substances.

Ions

Atoms or molecules with a net electrical charge due to the loss or gain of one or more electrons.