Asked by Julia Holsten on Jun 16, 2024
Verified
According to the Uniform Commercial Code,which of the following are considered banks?
A) Savings and loans
B) Credit unions
C) Trust companies
D) Savings and loans,trust companies,and credit unions
E) Savings and loans and credit unions,but not trust companies
Uniform Commercial Code
A set of laws that are intended to harmonize sales and commercial transactions across the United States.
Banks
Financial institutions licensed to receive deposits and provide loans, along with other financial services.
Considered
Thoughtfully evaluated or contemplated before making a decision or judgment.
- Explain the role and significance of banks and financial institutions in the processing, transfer, and certification of negotiable instruments.
Verified Answer
OC
Oliver Crawford7 days ago
Final Answer :
D
Explanation :
Uniform Commercial Code Section 4-105(1)defines a bank as "any business engaged in the business of banking." Consequently,savings banks,savings and loans,credit unions,and trust companies are all considered banks.
Learning Objectives
- Explain the role and significance of banks and financial institutions in the processing, transfer, and certification of negotiable instruments.