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Free CRCM Exam Braindumps (page: 129)

Page 128 of 344
PDF with 463 Questions

The Reserve Bank may recover from the sender the attorneys' fees if an action is brought against a Reserve Bank on the basis of:

  1. Failure of sender to have authority to make the required warranties and agreements
  2. Any action by the Reserve Bank within the scope of its authority in handling the item
  3. Any warranty made by the Reserve Bank
  4. All of the above

Answer(s): D



A sender and any prior collecting banks grant a security interest to the sender's administrative Reserve Bank in all of their respective assets in the possession of the Reserve Bank to secure any of their obligations to the Reserve Bank. This security interest attaches when any warranty is breached or any obligation to the Reserve Bank is incurred. The Reserve Bank may take any action under applicable law to enforce its security interest; including exercising its right to set off amounts against any funds it holds. This situation holds true when:

  1. Item is sent to a Reserve Bank
  2. Reserve Bank recovers
  3. Bank makes for a substitute check
  4. Sender identifies liability to Reserve Bank

Answer(s): A



A sender and any prior collecting banks grant a security interest to the sender's administrative Reserve Bank in all of their respective assets in the possession of the Reserve Bank to secure any of their obligations to the Reserve Bank. This security interest attaches when any warranty is breached or any obligation to the Reserve Bank is incurred. The Reserve Bank may take any action under applicable law to enforce its security interest; including exercising its right to set off amounts against any funds it holds. This situation holds true when:

  1. Item is sent to a Reserve Bank
  2. Reserve Bank recovers
  3. Bank makes for a substitute check
  4. Sender identifies liability to Reserve Bank

Answer(s): A



A sender and any prior collecting banks grant a security interest to the sender's administrative Reserve Bank in all of their respective assets in the possession of the Reserve Bank to secure any of their obligations to the Reserve Bank. This security interest attaches when any warranty is breached or any obligation to the Reserve Bank is incurred. The Reserve Bank may take any action under applicable law to enforce its security interest; including exercising its right to set off amounts against any funds it holds. This situation holds true when:

  1. Item is sent to a Reserve Bank
  2. Reserve Bank recovers
  3. Bank makes for a substitute check
  4. Sender identifies liability to Reserve Bank

Answer(s): A






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