Asked by Laken Guzic on May 30, 2024
Verified
The time for dishonor of a check can vary greatly depending on the number of banks involved in the collection process.
Dishonor
The refusal or inability to pay a bill of exchange or fulfill a financial obligation when due.
- Identify the process and implications of instrument dishonor and the conditions under which it occurs.
Verified Answer
ZK
Zybrea KnightJun 02, 2024
Final Answer :
True
Explanation :
The time for dishonor of a check can indeed vary greatly depending on the number of banks involved in the collection process, as each intermediary bank adds time for processing and transferring the check through the banking system before it is either honored or dishonored.
Learning Objectives
- Identify the process and implications of instrument dishonor and the conditions under which it occurs.