Status, warranties, and liability of Reserve Bank.

CFR · 2024-01-01 · US · Title 12

(a)(1) (2) (i) For the Reserve Bank's own lack of good faith or failure to exercise ordinary care; (ii) As provided in paragraph (b) of this section; (iii) As provided in an operating circular issued in accordance with § 210.3(a) regarding the sending of items; and (iv) As provided in subparts C and D of part 229 of this chapter (Regulation CC). (3) (b) (1) (i) The Reserve Bank is a person entitled to enforce the item (or is authorized to obtain payment of the item on behalf of a person that is either entitled to enforce the item or authorized to obtain payment on behalf of a person entitled to enforce the item); (ii) The item has not been altered; and (iii) The item bears all indorsements applied by parties that previously handled the item for forward collection or return. (2) (3) (4) (ii) The Reserve Bank shall not be liable under paragraph (b)(4)(i) of this section for any amount that the recipient bank pays under subpart D of part 229 of this chapter that is attributable to the lack of good faith or failure to exercise ordinary care of the recipient bank or a person that handled the item, in any form, after the recipient bank. (c) (2) A claim that arises under paragraph (b)(3) of this section shall be barred unless the action on the claim is commenced within one year after the claim accrues. Such a claim accrues as of the date on which the claimant first learns, or by which the claimant reasonably should have learned, of the facts and circumstances giving rise to the clai

official document · source cfr-2024 · id 12:§ 210.6