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Free CRCM Exam Braindumps (page: 126)

Page 125 of 344
PDF with 463 Questions

Any of the following foreign correspondents for which the Federal Reserve maintains an account EXCEPT:

  1. A foreign bank
  2. A foreign banker's Lessee
  3. A foreign state
  4. A foreign correspondent or agency

Answer(s): B



By sending an item to a Reserve Bank, a sender:

  1. Never authorizes the Reserve Bank to handle the item based on this regulation and the Reserve Bank's circulars
  2. Warranties for electronic items that are substitute checks
  3. Warrants to each Reserve Bank handling the item that it has good title, that it is entitled to enforce the item, that the item has not been materially altered, and that the item bears all endorsements applied by parties that previously handled the item in paper or electronic form
  4. The sender makes all of the warranties set forth in the Uniform Commercial Code (UCC) as if the item were subject to the UCC and makes all of the Regulation CC warranties as if the electronic item were a paper item subject to that regulation

Answer(s): C,D



By sending an item to a Reserve Bank, a sender:

  1. Never authorizes the Reserve Bank to handle the item based on this regulation and the Reserve Bank's circulars
  2. Warranties for electronic items that are substitute checks
  3. Warrants to each Reserve Bank handling the item that it has good title, that it is entitled to enforce the item, that the item has not been materially altered, and that the item bears all endorsements applied by parties that previously handled the item in paper or electronic form
  4. The sender makes all of the warranties set forth in the Uniform Commercial Code (UCC) as if the item were subject to the UCC and makes all of the Regulation CC warranties as if the electronic item were a paper item subject to that regulation

Answer(s): C,D



By sending an item to a Reserve Bank, a sender:

  1. Never authorizes the Reserve Bank to handle the item based on this regulation and the Reserve Bank's circulars
  2. Warranties for electronic items that are substitute checks
  3. Warrants to each Reserve Bank handling the item that it has good title, that it is entitled to enforce the item, that the item has not been materially altered, and that the item bears all endorsements applied by parties that previously handled the item in paper or electronic form
  4. The sender makes all of the warranties set forth in the Uniform Commercial Code (UCC) as if the item were subject to the UCC and makes all of the Regulation CC warranties as if the electronic item were a paper item subject to that regulation

Answer(s): C,D






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