Certified Regulatory Compliance Manager: Recovering Attorneys' Fees | ABA Exam CRCM

Recovering Attorneys' Fees

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Question

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

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Explanations

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A. B. C. D.

D

The term "CRCM" is not clear in the context of this question. However, based on the question, it seems to be related to the responsibilities and liabilities of the Reserve Bank in handling financial transactions.

Option A states that the Reserve Bank may recover attorneys' fees from the sender if an action is brought against the Reserve Bank based on the sender's failure to have the authority to make the required warranties and agreements. This means that if the sender does not have the legal authority to make certain warranties and agreements related to a financial transaction, and the Reserve Bank is sued because of this, the Reserve Bank may seek to recover its attorneys' fees from the sender.

Option B states that the Reserve Bank may recover attorneys' fees if an action is brought against it based on any action taken by the Reserve Bank within the scope of its authority in handling the financial transaction. This means that if the Reserve Bank takes an action within its authority, such as processing a check or wire transfer, and is sued because of that action, it may seek to recover its attorneys' fees from the sender.

Option C states that the Reserve Bank may recover attorneys' fees if an action is brought against it based on any warranty made by the Reserve Bank. This means that if the Reserve Bank provides a warranty related to a financial transaction, and is sued because of that warranty, it may seek to recover its attorneys' fees from the sender.

Option D states that all of the above options are correct, meaning that the Reserve Bank may recover attorneys' fees from the sender in any of the situations described in options A, B, and C.

In summary, the correct answer is D, as the Reserve Bank may seek to recover its attorneys' fees from the sender in any situation where the sender's actions or the Reserve Bank's actions result in legal action against the Reserve Bank.