Homework Help is Here – Start Your Trial Now!
Business
Business Law
1. A Correspondent bank is a bank that has formed a “partnership” with other banks in order to exchange checks and payments directly.  True  False 2. Article 4 of the Uniform Commercial Code covers three types of banks: depository banks, payor banks, and collecting banks.  True  False 3. The drawee bank is the one the payee deposits the check into.  True  False

1. A Correspondent bank is a bank that has formed a “partnership” with other banks in order to exchange checks and payments directly.  True  False 2. Article 4 of the Uniform Commercial Code covers three types of banks: depository banks, payor banks, and collecting banks.  True  False 3. The drawee bank is the one the payee deposits the check into.  True  False

icon
Related questions
Question

1. A Correspondent bank is a bank that has formed a “partnership” with other banks in order to exchange checks and payments directly.

 True

 False

2. Article 4 of the Uniform Commercial Code covers three types of banks: depository banks, payor banks, and collecting banks.

 True

 False

3. The drawee bank is the one the payee deposits the check into.

 True

 False

Expert Solution
steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer