![]() This section does not affect a paying bank's liability to its customer under the U.C.C. Standards updated to conform with Reg CC changes: X9.100111 Check Endorsements X9.100140 Image Replacement Document (IRD) X9. Subject to a bank's duty to exercise ordinary care or act in good faith in choosing the means of return or notice of nonpayment, the bank is not liable for the insolvency, neglect, misconduct, mistake, or default of another bank or person, or for loss or destruction of a check or notice of nonpayment in transit or in the possession of others. A bank that fails to act in good faith under this subpart may be liable for other damages, if any, suffered by the party as a proximate consequence. The measure of damages for failure to exercise ordinary care is the amount of the loss incurred, up to the amount of the check, reduced by the amount of the loss that party would have incurred even if the bank had exercised ordinary care. Regulation CCs compliance deadline was yesterday, July 1st. A bank that fails to exercise ordinary care or act in good faith under this subpart may be liable to the depositary bank, the depositary bank's customer, the owner of a check, or another party to the check. Regulation CC sets forth the requirements that. A bank shall exercise ordinary care and act in good faith in complying with the requirements of this subpart. Regulation CC (Availability of Funds and Collection of Checks) does not currently govern funds deposited by mobile deposit. the Federal Reserve System implements the EFA act in Subparts A through C and Check 21 in Subpart D. (a ) Standard of care liability measure of damages.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |