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ABA CRCM Practice Test - Questions Answers, Page 20

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Question 191

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A sender and any prior collecting banks grant a security interest to the sender's administrative Reserve Bank in all of their respective assets in the possession of the Reserve Bank to secure any of their obligations to the Reserve Bank. This security interest attaches when any warranty is breached or any obligation to the Reserve Bank is incurred. The Reserve Bank may take any action under applicable law to enforce its security interest; including exercising its right to set off amounts against any funds it holds. This situation holds true when:

Item is sent to a Reserve Bank
Item is sent to a Reserve Bank
Reserve Bank recovers
Reserve Bank recovers
Bank makes for a substitute check
Bank makes for a substitute check
Sender identifies liability to Reserve Bank
Sender identifies liability to Reserve Bank
Suggested answer: A
asked 16/09/2024
Jack de Cort
43 questions

Question 192

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The Reserve Bank may recover by charging any account on its books maintained by the sender if:

The Reserve Bank makes written demand to sender to assume defense of the proceeding
The Reserve Bank makes written demand to sender to assume defense of the proceeding
Any action by the Reserve Bank within is the scope of its authority in handling the item
Any action by the Reserve Bank within is the scope of its authority in handling the item
The sender has not made any other payment arrangement acceptable to the Reserve Bank
The sender has not made any other payment arrangement acceptable to the Reserve Bank
There is any warranty made by the Reserve Bank
There is any warranty made by the Reserve Bank
Suggested answer: A, C
asked 16/09/2024
Zafor Iqbal
36 questions

Question 193

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____________ is an agent or a subagent of the owner of an item; agency terminates when it receives payment for an item in finally collected funds and makes the proceeds available to the sender, and the time for commencing all actions against it has expired.

Clearing agent
Clearing agent
The Reserve Bank
The Reserve Bank
Foreign bank
Foreign bank
Foreign banker
Foreign banker
Suggested answer: B
asked 16/09/2024
Benice dobbins
52 questions

Question 194

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By presentation or transmission of an item a Reserve Bank warrants to a subsequent collecting bank and paying bank that:

The Reserve Bank has good title to the item
The Reserve Bank has good title to the item
The item has not been altered
The item has not been altered
The item bears all endorsements applied by parties that have previously handled the item in paper or electronic form
The item bears all endorsements applied by parties that have previously handled the item in paper or electronic form
All of these
All of these
Suggested answer: D
asked 16/09/2024
Nicholas Johnson
44 questions

Question 195

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Time to bring action against a Reserve Bank:

Claims against Reserve Banks for failure to act in good faith or exercise ordinary care must be brought within two years
Claims against Reserve Banks for failure to act in good faith or exercise ordinary care must be brought within two years
Claims against Reserve Banks for warranties given on electronic items that are not substitute checks must be brought within one year
Claims against Reserve Banks for warranties given on electronic items that are not substitute checks must be brought within one year
Claims against Reserve Banks for guarantees given on electronic items that are not substitute checks must be brought within one year
Claims against Reserve Banks for guarantees given on electronic items that are not substitute checks must be brought within one year
Claims against Reserve Banks for failure to act in good faith or exercise ordinary care must be brought within three years
Claims against Reserve Banks for failure to act in good faith or exercise ordinary care must be brought within three years
Suggested answer: A, B
asked 16/09/2024
Sivagami Narayanan
53 questions

Question 196

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While Presenting items for payment:

A Reserve Bank or a subsequent collecting bank may present an item for payment but doesn't send the item for presentment and payment
A Reserve Bank or a subsequent collecting bank may present an item for payment but doesn't send the item for presentment and payment
A Reserve Bank may send an item to a collecting bank with authority to present it for payment or send it for presentment and payment
A Reserve Bank may send an item to a collecting bank with authority to present it for payment or send it for presentment and payment
A Reserve Bank may present an item for payment at the place requested by the paying bank, at a place requested by the nonbank payor, through a clearinghouse, or under a special collection agreement
A Reserve Bank may present an item for payment at the place requested by the paying bank, at a place requested by the nonbank payor, through a clearinghouse, or under a special collection agreement
Within a Reserve Bank's district, the Reserve Bank may present the item indirectly to the paying bank or a nonbank payor, as applicable
Within a Reserve Bank's district, the Reserve Bank may present the item indirectly to the paying bank or a nonbank payor, as applicable
Suggested answer: B, C
asked 16/09/2024
Markus Hechtl
39 questions

Question 197

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A Reserve Bank may present a noncash item for payment if instructed to do so by the sender and if the:

Item provides that it must be presented for acceptance
Item provides that it must be presented for acceptance
Item is payable elsewhere than at the residence or business of the payor
Item is payable elsewhere than at the residence or business of the payor
Item sent directly to the paying bank or the nonbank payor
Item sent directly to the paying bank or the nonbank payor
Date of payment of the item depends on presentment for acceptance
Date of payment of the item depends on presentment for acceptance
Suggested answer: A, B, D
asked 16/09/2024
Arthur Khaha
46 questions

Question 198

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A ____________ must settle for an item with its administrative bank, whether or not it received the item from that bank. Settlement with its administrative bank is deemed to be settlement with the Reserve Bank that sent the item.

Paying bank
Paying bank
Clearing Agent
Clearing Agent
Regulation J
Regulation J
Regulation CC
Regulation CC
Suggested answer: A
asked 16/09/2024
Tom Nice
33 questions

Question 199

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Cash items' payment proceeds must be available to the Reserve Bank by the latest of:

The next clock hour that is after the hour the paying bank receives the item
The next clock hour that is after the hour the paying bank receives the item
9:30 A.M. Eastern time
9:30 A.M. Eastern time
Such other time as provided in the Reserve Bank's operating circulars
Such other time as provided in the Reserve Bank's operating circulars
Both A and B
Both A and B
Suggested answer: A, B, C
asked 16/09/2024
test testsers
44 questions

Question 200

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When returning items to a Reserve Bank, the paying and returning banks:

Cannot disclaim the warranties, authorizations, and agreements whether or not the returned check bears an endorsement of the paying bank or returning bank
Cannot disclaim the warranties, authorizations, and agreements whether or not the returned check bears an endorsement of the paying bank or returning bank
Authorize the Reserve Bank to handle the item in accordance with Regulation J and the operating circulars
Authorize the Reserve Bank to handle the item in accordance with Regulation J and the operating circulars
Warrant that the check bears all endorsements applied by all parties that handled the check in paper or electronic form
Warrant that the check bears all endorsements applied by all parties that handled the check in paper or electronic form
will not be liable for the failure of a paying bank, collecting bank, or a nonbank payer to pay for an item
will not be liable for the failure of a paying bank, collecting bank, or a nonbank payer to pay for an item
Suggested answer: A, B, C
asked 16/09/2024
Pineda Jerson
33 questions
Total 463 questions
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