NCP - Check Products Practice Study Guide with Complete Solutions
2 views 0 purchase
Course
NCP
Institution
NCP
NCP - Check Products Practice Study
Guide with Complete Solutions
Check Definition - Answer️️ -• Reg CC: Defines as a negotiable demand draft
• UCC: Defines as an 'item' (4‐104)
-Item: An instrument that is an order to pay money
handled by a bank for collection or payment
• Checks...
- Example: Account holder authorizes a payee to draw a check on their account
payable to that payee
Substitute Check - Answer✔️✔️-Negotiable instrument created by Check 21 Act -
defined in Regulation CC as paper reproduction of an original check
Teller's check - Answer✔️✔️-Drawn by a bank on another bank
- Includes checks payable at or through a bank
Traveler's Check - Answer✔️✔️-Payable on demand, drawn on or payable at or
through a bank
Warrant - Answer✔️✔️-Negotiable instrument issued by state or local
government agencies
Cashier's Check and Teller's Check Guaranteed obligations of the bank -
Answer✔️✔️--Generally cannot place stop payment on these
checks
-Bank may refuse payment under certain
circumstances:
Alteration or forged ndorsement
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller OliviaWest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
