Asked by
Keshav Sharda
on Nov 28, 2024
Verified
If a bank does not dishonor an "on-us" item by the opening of the second banking day following its receipt, the check is considered paid.
On-us Item
A check or draft that is drawn on the same bank or one of its branches where it is being presented for payment.
- Identify and explain the legal implications of issuing, dishonoring, and payment of checks according to the Uniform Commercial Code.
- Understand the legal timeframe and conditions under which checks must be presented and processed.
Verified Answer
CR
Learning Objectives
- Identify and explain the legal implications of issuing, dishonoring, and payment of checks according to the Uniform Commercial Code.
- Understand the legal timeframe and conditions under which checks must be presented and processed.