Asked by Lisbeth Galvan on Jun 03, 2024
Verified
The Code imposes certain affirmative duties on bank customers and fixes time limits within which they must assert their rights.
Affirmative Duties
Obligations requiring individuals or entities to take certain actions or measures, often imposed by law or contract.
Assert Their Rights
To take actions or steps to claim or enforce one’s legal entitlements or privileges, often in the face of opposition or indifference.
- Comprehend the regulatory structure that dictates the interactions between depository banks, their clientele, and the management of checks.
Verified Answer
ZK
Zybrea KnightJun 07, 2024
Final Answer :
True
Explanation :
The Uniform Commercial Code (UCC) and various banking regulations often impose affirmative duties on bank customers, including the duty to review statements in a timely manner and report unauthorized transactions within specified time limits to maintain their rights.
Learning Objectives
- Comprehend the regulatory structure that dictates the interactions between depository banks, their clientele, and the management of checks.