If a Checking Account Customer Fails to Report a Series

question 56

True/False

If a checking account customer fails to report a series of forgeries or alterations by the same wrongdoer on the same account within 30 days from receiving the monthly statement of account, then the bank is discharged from liability on all similar forged or altered checks after that date and prior to notification.

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Definitions:

Labor

The investment of human strength and thought in the process of producing goods and services.

Output

The volume of goods or services produced by a human, mechanical, or industrial source.

Nash Equilibrium

A concept in game theory where no participant can gain by unilaterally changing their strategy, assuming other participants' strategies remain unchanged.

Advertising

The act of promoting products, services, or brands through various media channels to influence consumer behavior or perception.