Liability for Warranties and Indemnities for Substitute Checks - CRCM Exam Answer

The sender's liability for warranties and indemnities that a Reserve Bank makes for a substitute check is subject to the following conditions and limitations

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A. The sender of an original check is not liable for amounts paid by the Reserve Bank absent the sender's agreement to the contrary

B. The sender's liability under Regulation CC is not altered by the Regulation J provisions

C. Failure of sender to have authority to make the required warranties and agreements

D. A sender of an electronic item that is not a substitute check is not liable for any amount paid by a Reserve Bank that is attributable to the Reserve Bank's own lack of good faith or failure to exercise ordinary care

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A. B. C. D.

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