2016 US Code
Title 12 - Banks and Banking
Chapter 50 - Check Truncation
Sec. 5004 - Substitute check warranties
| 12 U.S.C. § 5004 (2016) |
| §5004. Substitute check warranties |
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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. |
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(Pub. L. 108–100, §5, Oct. 28, 2003, 117 Stat. 1181.) |
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EFFECTIVE DATE
Section effective at the end of the 12-month period beginning on Oct. 28, 2003, see section 20 of Pub. L. 108–100, set out as a note under section 5001 of this title. |
| United States Code, 2012 Edition, Supplement 4, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 50 - CHECK TRUNCATION Sec. 5004 - Substitute check warranties |
| section 5004 |
| 2016 |
| January 6, 2017 |
| No |
| standard |
| 117 Stat. 1181 |
| Public Law 108-100 |
