2015 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 50 - Check Truncation (Sections 5001 - 5018)
Sec. 5004 - Substitute check warranties

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Metadata
Publication TitleUnited States Code, 2012 Edition, Supplement 3, Title 12 - BANKS AND BANKING
CategoryBills and Statutes
CollectionUnited States Code
SuDoc Class NumberY 1.2/5:
Contained WithinTitle 12 - BANKS AND BANKING
CHAPTER 50 - CHECK TRUNCATION
Sec. 5004 - Substitute check warranties
Containssection 5004
Date2015
Laws In Effect As Of DateJanuary 3, 2016
Positive LawNo
Dispositionstandard
Source CreditPub. L. 108-100, §5, Oct. 28, 2003, 117 Stat. 1181.
Statutes at Large Reference117 Stat. 1181
Public and Private LawPublic Law 108-100

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12 U.S.C. § 5004 (2015)
§5004. Substitute check warranties

A bank that transfers, presents, or returns a substitute check and receives consideration for the check warrants, as a matter of law, to the transferee, any subsequent collecting or returning bank, the depositary bank, the drawee, the drawer, the payee, the depositor, and any endorser (regardless of whether the warrantee receives the substitute check or another paper or electronic form of the substitute check or original check) that—

(1) the substitute check meets all the requirements for legal equivalence under section 5003(b) of this title; and

(2) no depositary bank, drawee, drawer, or endorser will receive presentment or return of the substitute check, the original check, or a copy or other paper or electronic version of the substitute check or original check such that the bank, drawee, drawer, or endorser will be asked to make a payment based on a check that the bank, drawee, drawer, or endorser has already paid.

(Pub. L. 108–100, §5, Oct. 28, 2003, 117 Stat. 1181.)

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