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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:

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

Question 192

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

A.
The Reserve Bank makes written demand to sender to assume defense of the proceeding
A.
The Reserve Bank makes written demand to sender to assume defense of the proceeding
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B.
Any action by the Reserve Bank within is the scope of its authority in handling the item
B.
Any action by the Reserve Bank within is the scope of its authority in handling the item
Answers
C.
The sender has not made any other payment arrangement acceptable to the Reserve Bank
C.
The sender has not made any other payment arrangement acceptable to the Reserve Bank
Answers
D.
There is any warranty made by the Reserve Bank
D.
There is any warranty made by the Reserve Bank
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Suggested answer: A, C
asked 16/09/2024
Zafor Iqbal
35 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.

A.
Clearing agent
A.
Clearing agent
Answers
B.
The Reserve Bank
B.
The Reserve Bank
Answers
C.
Foreign bank
C.
Foreign bank
Answers
D.
Foreign banker
D.
Foreign banker
Answers
Suggested answer: B
asked 16/09/2024
Benice dobbins
44 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:

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

Question 195

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Time to bring action against a Reserve Bank:

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

Question 196

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While Presenting items for payment:

A.
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.
A Reserve Bank or a subsequent collecting bank may present an item for payment but doesn't send the item for presentment and payment
Answers
B.
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
B.
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
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C.
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
C.
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
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D.
Within a Reserve Bank's district, the Reserve Bank may present the item indirectly to the paying bank or a nonbank payor, as applicable
D.
Within a Reserve Bank's district, the Reserve Bank may present the item indirectly to the paying bank or a nonbank payor, as applicable
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Suggested answer: B, C
asked 16/09/2024
Markus Hechtl
35 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:

A.
Item provides that it must be presented for acceptance
A.
Item provides that it must be presented for acceptance
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B.
Item is payable elsewhere than at the residence or business of the payor
B.
Item is payable elsewhere than at the residence or business of the payor
Answers
C.
Item sent directly to the paying bank or the nonbank payor
C.
Item sent directly to the paying bank or the nonbank payor
Answers
D.
Date of payment of the item depends on presentment for acceptance
D.
Date of payment of the item depends on presentment for acceptance
Answers
Suggested answer: A, B, D
asked 16/09/2024
Arthur Khaha
43 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.

A.
Paying bank
A.
Paying bank
Answers
B.
Clearing Agent
B.
Clearing Agent
Answers
C.
Regulation J
C.
Regulation J
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D.
Regulation CC
D.
Regulation CC
Answers
Suggested answer: A
asked 16/09/2024
Tom Nice
30 questions

Question 199

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

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

Question 200

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

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