Asked by Gisell Dominguez Monreal on Jun 04, 2024
Verified
The relationship between the payor bank and its checking account customer is exclusively governed by statute and leaves no room for contractual modifications.
Governing by Statute
The process of ruling or managing an organization, entity, or country based on written laws passed by a legislative body.
Contractual Modifications
Changes or alterations mutually agreed upon by the parties involved in a contract.
- Understand the legal framework governing the relationship between payor banks, their customers, and the handling of checks.
Verified Answer
JP
Jnaya PowellJun 06, 2024
Final Answer :
False
Explanation :
While there are statutory regulations governing the relationship between a payor bank and its checking account customer, there is still room for contractual modifications between the two parties.
Learning Objectives
- Understand the legal framework governing the relationship between payor banks, their customers, and the handling of checks.