Quiz 22: Banking System,E-Money,and Financial Reform
An Oral Stop-Payment Order Is Effective for Seven Days
An oral stop-payment order is effective for seven days.
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A written stop-payment order is effective for one (1)year.
The Uniform Commercial Code places the risk of loss of an incomplete check on the payee.
A bank cannot pay a drawer's check if sufficient funds are not in the drawer's account,unless prior arrangements,such as an overdraft protection line of credit,have been made.
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