§355.5. What warranties does a presenting bank make?
31 C.F.R. § 355.5
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.
We are not barred from recovering on a breach of warranty solely because—
Our negligence contributed to a fraudulent endorsement or material alteration;
We did not promptly discover an unauthorized signature or alteration;
An impostor fraudulently caused the issuance of a fiscal agency check in the name of any existing payee; or
Our employee fraudulently caused the issuance of a fiscal agency check in the name of any existing payee.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 391; 31 U.S.C. Ch. 31.
Source
Source: 65 FR 65700, Nov. 1, 2000, unless otherwise noted.