§ 355.5 What warranties does a presenting bank make?
Primary source
Verbatim text below is from the Electronic Code of Federal Regulations (eCFR), a public-domain U.S. government work. Always verify the current version with the eCFR before relying on it for any legal matter.
Full Text
(a) A presenting bank makes the warranties required of a sender under subpart A of regulation J (12 CFR part 210). This paragraph does not limit any warranty by a presenter or other party arising under State law.
(b) We are not barred from recovering on a breach of warranty solely because:
(1) Our negligence contributed to a fraudulent endorsement or material alteration;
(2) We did not promptly discover an unauthorized signature or alteration;
(3) An impostor fraudulently caused the issuance of a fiscal agency check in the name of any existing payee; or
(4) Our employee fraudulently caused the issuance of a fiscal agency check in the name of any existing payee.
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