§5004. Substitute check warranties — Inbound Citations
12 U.S.C. § 5004
Cited by 3 provisions in release 119-102.
Citations to 12 U.S.C. § 5004 as a whole
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(a) A person may deposit, present, or send for collection or return a substitute check without an agreement with the recipient, so long as a bank has made the warranties in section 5004 of this title with respect to such substitute check.
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(1) The amount of the indemnity under subsection (a) shall be the amount of any loss (including costs and reasonable attorney’s fees and other expenses of representation) proximately caused by a breach of a warranty provided under section 5004 of this title.
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(2) In the absence of a breach of a warranty provided under section 5004 of this title, the amount of the indemnity under subsection (a) shall be the sum of—(A) the amount of any loss, up to the amount of the substitute check; and(B) interest and expenses (including costs and reasonable attorney’s fees and other expenses of representation).