Title 12 — Banks and Banking
Chapter 50 — Check Truncation
§ 5004. Substitute check warranties
Statutory text
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—
the substitute check meets all the requirements for legal equivalence under section 5003(b) of this title; and
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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 108–100 § 5 · 117 Stat. 1177
Enacted · 12 U.S.C. § 5004
(Pub. L. 108–100, § 5, Oct. 28, 2003, 117 Stat. 1181.)
Source evidence
Code source credit
(Pub. L. 108–100, § 5, Oct. 28, 2003, 117 Stat. 1181.)Enacted provision · exact public law section
SEC. 5. SUBSTITUTE CHECK WARRANTIES. 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 4(b); 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.
1 of 1 references resolved to an enrolled provision
Statutory Notes and Related Subsidiaries
Effective Date
Section effective at the end of the 12-month period beginning on , see section 20 of Pub. L. 108–100, set out as a note under section 5001 of this title.