With respect to processing checks for payment, the Uniform Commercial Code governs the relationships of banks with
their customers.
the Federal Reserve.
only other banks.
all of the choices.

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With respect to processing checks for payment, the Uniform Commercial Code governs the relationships of banks with their customers. the Federal Reserve. only other banks. all of the choices.

UpStudy AI · Accepted Answer

1. The Uniform Commercial Code (UCC) is a set of legal standards that governs transactions involving negotiable instruments, including checks.

2. The provisions regarding check processing, such as check presentment and payment, are primarily found in UCC Article 3 (Negotiable Instruments) and Article 4 (Bank Deposits and Collections).

3. These articles regulate the relationship between a bank and its customers regarding the processing of checks for payment.

4. The UCC does not govern the relationship between banks and the Federal Reserve, nor is its scope limited only to relationships between banks.

5. Therefore, the correct answer is:

$$ 	extbf{banks with their customers} $$.
The Uniform Commercial Code governs the relationships between banks and their customers regarding check processing.

With respect to processing checks for payment, the Uniform Commercial Code governs the relationships of banks with
their customers.
the Federal Reserve.
only other banks.
all of the choices.

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